Halwani Bros plans $53m investment to manufacture Albaik fast food products in Egypt
RIYADH: The Egyptian unit of Saudi-listed Halwani Bros. Co. is in talks to potentially manufacture the famous Saudi food brand, Albaik, in the North African country with an investment of 1 billion Egyptian pounds ($53 million).'
The Egyptian subsidiary has signed a non-binding agreement with Aquat Food Industries Co., a sister company of Albaik Food Systems Co. which owns the knowledge and technical rights to manufacture the Albaik products, according to a bourse filing.
The company is studying the possibility of cooperation in manufacturing Albaik products, while Aquat is conducting a technical and logistical evaluation of the factories of Halwani Bros. Egypt.
The company plans to supply these locally-produced food products to those who are licensed to operate Albaik restaurants in Egypt.
Albaik is one of the Kingdom's biggest fast-food brands that sells fried chicken, with over 120 branches across Saudi Arabia, Bahrain, and the UAE.