Chairman of the Holding Company for Food Industries (HCFI) Ahmed Hassanien said on Sunday that the Egyptian-Sudanese Company for Development and Multiple Investments will be based in Cairo.
In a statement on Sunday, Hassanien said the company will be tasked with breeding livestock and maximizing their meat production whether for the Egyptian market or exportation purposes along with the production and exportation of all vital crops such as sugar, rice, peanuts, cotton, vegetables, detergents and sanitizers among others.
He said there has been strategic partnership with Sudan for over six years especially in the field of livestock, noting that such partnership has greatly contributed to stability in meat prices in the Egypt market.
He said the new shareholding company between Egypt and Sudan will have the right to start commercial dealings and open branches in all governorates in addition to an additional branch in Sudan.
On Wednesday, Egypt’s HCFI and South El Wadi Company for Development, an affiliate of the Public Enterprises Ministry’s Holding Company for Reconstruction and Development, and the Sudan’s Etegahat Group Limited Company, affiliated to the Sudanese Defense Ministry, signed a memorandum of understanding (MOU) on establishing a shareholding company to produce agricultural, livestock products and various food industries.