By Jim Thomas | Thursday, 28 December 2023 07:31 PM EST Ahmed Abou Hashima, founder and chair of MAFI Company for Agricultural Produce Industries, has disclosed plans for an agri-food industrial complex, poised to be the Middle East’s largest. Valued at $300 million, the project is a collaborative effort with foreign investment. The signing ceremony was attended by dignitaries including Egypt’s Prime Minister Dr. Mostafa Madbouly, Industry Minister Ahmed Samir Saleh, and Hossam Hibah, CEO of the General Authority for Investment and Free Zones. The event was attended by global agri-food technology leaders. Situated in Sadat City Industrial Zone across 154,000 square meters (1,657,642 square feet) MAFI’s complex comprises five cutting-edge plants. It includes Egypt’s most extensive orange and tomato concentrate facilities, a pioneering cloudy product plant, and one of the world’s largest freeze-drying facilities for fruits and vegetables. With an annual production capacity exceeding 100,000 tons in Phase I, the complex targets a turnover of $200 million. Phase II aims for a production capacity of 200,000 tons, translating to a $400 million turnover. Partners include JBT and Cabin Plant from the United States and GEA from Germany. Beltone Holding Co. conducted studies to ascertain financial viability, while BCG Co. analyzed market dynamics and trends. Hashima emphasized the complex’s potential to generate over 7,000 direct and indirect jobs, contributing to Egypt’s economic growth. The project’s vision includes exporting over 80% of its production, enhancing global market reach, and attracting foreign direct investment. Jim Thomas is a writer based in Indiana. He holds a bachelor’s degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years. © 2023 Newsmax. All rights reserved. Receive breaking news and original analysis – sent right to your inbox. Interest-Based Advertising | Do not sell or share my personal information Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.
