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Sun 22 Jun 2014 11:54 AM

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

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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