Boston, MA -- (SBWIRE) -- 01/14/2013 -- We highlight that despite the gloomy outlook for the economy, the core dynamics that have attracted many companies to Egypt in the first place have not changed. It has an enormous population that could surpass 100mn by the early 2020s, according to UN data, and this population base is young and expected to have increasing spending power. Egypt is also arguably the cultural hub of the Arab world and can double up as an excellent gateway to the wider North African and Sub-Saharan African regions. No other country in the Arab world can come close to matching Egypt's potential, in our view, which is why many of the world's largest consumer companies will very likely be increasing rather than cutting back their spending.
Headline Industry Data (local currency)
- 2012 per capita food consumption = +10.7%; forecast compound annual growth rate (CAGR) to 2016 = +11.8%
- 2012 mass grocery retail sales = +15.3%; forecast compound annual growth rate to 2016 = +15.9%
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Key Company Trends
Egypt Aims to Increase Sugar Production: In February 2012, local sugar refinery Nile Sugar reported plans to expand its capacity by 40% over the coming year, as part of its programme to meet rising demand. Currently, the company's crushing and refining capacity is in the region of 7,000 and 1,200 tonnes of beet sugar per day respectively. In 2011, Nile Sugar reportedly operated at more than full capacity, with its output topping 305,000 tonnes, all of which was destined for the local market. Nile Sugar also imports raw sugar to meet the demand. According to official figures, Egypt still imports around 1mn tonnes of sugar per annum, which meets one-third of domestic demand.
Turkish Discounter BIM Birlesik Magazalar (BIM) Eyeing Egypt: In March 2012, BIM - which currently operates in Morocco - revealed plans to enter Arab Spring markets. The discounter is expecting to establish 10 stores in Egypt in 2013, which will offer both private labels and foreign brands. By 2014, the retailer's total investment in Egypt is expected to top TRY25mn.
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