El Rashidi El Mizan to embark on USD 150 mn expansion next year
More halawa, please: Leading confectionery producer El Rashidi El Mizan, a subsidiary of Saudi-owned investment group Olayan, will invest USD 150 mn in 2H 2023 to expand production in Egypt, Sherif William, the company’s director of commercial sales, told Al Borsa. The company will add six new production lines during the six-month period, which is part of a broader five-year expansion plan, he said. El Rashidi El Mizan plans to produce new products, William said, without providing further details.
El Rashidi is one of the oldest confectionery manufacturers in Egypt and is famous particularly for its halawa and tahini products. El Rashidi’s products range has expanded in the past few years, introducing jams, tomato paste, honey, molasses, rice and a ready-to-eat range. The company currently produces 5k tons per month at its six factories in Sixth of October, which it hopes to double, William said.