SNG: Egypt cooperates with Saudi Panda to operate government sales outlets

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SAVOLA GROUP

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First published: 12-Feb-2025 13:08:17

Staff Writer

The Egyptian government is committed to cooperating with the Saudi private sector to restructure the Holding Company for Food Industries (HCFI) and its outlets, Minister of Supply and Internal Trade Sherif Farouk told Asharq Business.

Farouk revealed that a study is underway to explore cooperation with Saudi Arabia’s Panda Retail Company to operate HCFI's 1,060 outlets. "We are open to all types of cooperation," he stated.

The HCFI, affiliated with the Ministry of Supply, is Egypt’s largest entity in food supply and retail, with a capital of around EGP 3 billion.

It owns 22 companies with a 51% contribution rate and holds shares ranging between 10% and 30% in 18 other companies, according to its website.

Farouk also told Asharq that Egypt’s reserve of most strategic commodities surpasses the six-month mark, ensuring a secure balance ahead of the holy month of Ramadan.

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