Saudi's Almarai, Pepsico to invest $345m in Egypt

Venture between Gulf's biggest dairy firm and US soft drinks giant is over the next five years.

Saudi Arabia's Almarai, the Gulf's biggest dairy company, said on Sunday that a venture between it and US soft drinks giant PepsiCo would invest about $345m in Egypt over the next five years.

The investment would be conducted through Egypt's International Company for Agro-Industrial Projects, a subsidiary of International Dairy & Juice Ltd, which is owned 52 percent by Almarai and the remainder by Pepsico.

Details of the investment were to be announced later on Sunday, Almarai said in a statement.

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