PepsiCo (PEP) and Saudi dairy farm Almarai will invest $345M over the next five years in an Egyptian joint venture. The two will initiate the investment through their subsidiary International Dairy & Juice, owned 52% by Almarai and 48% by PepsiCo.
The project includes a new juice factory, expanding existing facilities, increasing the fleet of vehicles and sales network, and creating a new dairy farm for 5,000 cows.
The investment looks to rival Coca-Cola (KO) who announced a $500M investment plan for the region in March.
Egypt is looking to attract $10B in foreign direct investment for the coming fiscal year beginning next month. FDI for the first three quarters of the current fiscal year was $4.4B.