Edita Food Industries Signs MAD 15 Million Grant Agreement with Moroccan Government
The grant follows the establishment of Edita Food Industries Morocco, a JV between Edita Food Industries and Dislog Group, as part of Edita’s regional expansion strategy
Edita Food Industries S.A.E. (EFID.CA on the Egyptian Exchange and EFIFq.L on the London Stock Exchange), a leader in the Egyptian packaged snack food market announced today that it has signed an agreement to receive a MAD 15 million grant from the government of Morocco as part of a home-grown incentive program to spur foreign direct investment, boost economic development and ultimately transform the kingdom into an export hub.
The signing was attended today by HE Mr. Moulay Hafid Elalamy the Minister of Industry, Investment, Trade and Digital Economy, Dislog Chairman Moncef Belkhayat, Edita Managing Director Hani Berzi, as well as General Manager of Edita Morocco Shady Farid.
“Edita took its first step toward regional expansion with Morocco on the back of both opportunity and mutual ambition with the Moroccan Dislog Group. This is in line with Edita’s commitment to growth and the belief that the development of the industrial sector is the key driver to overall economic growth and prosperity,” said Berzi.
In 2018, Edita entered the Moroccan market through a joint venture (JV) with Moroccan distribution player Dislog Group. The venture will leverage Edita’s expertise in the manufacturing of packaged snacks, technical knowhow and track record in the industry as well as Dislog’s expansive network, strong distribution capabilities, and deep local knowledge to capitalize on the vast potential of the Moroccan snack food industry. The JV has already began exporting Edita products such as Freska to the Moroccan market.
“We are excited to see our flagship brands become the household names they are in Egypt, with Freska already receiving a promising reception in such a short time following its launch. Successes like these leave us perfectly poised to continue to grow our industrial base in Casablanca and pave the way for Morocco to become a hub for re-exports to other nations,” said Berzi.
The group’s long-term plans include the establishment of Edita’s first-ever overseas manufacturing facility. With a long-term lease agreement signed for a 13,000 sqm plot, which is expected to be doubled, along with designs and technical studies for equipment installation at the ready, the plant should break ground on Moroccan soil in the next months and begin operations by 2020. It is expected to be completed on time and to spec, following the highest standards of both local and international health, safety and environmental regulations.
“This venture brings forward the best of what mutual collaborations have to offer and what Edita has managed to perfect over its decades of experience in the Egyptian market. By replicating our success in Morocco, a country open to exploration, innovation and advancement, and with state-of-the-art facilities and topline resources at our disposal, we guarantee that this venture is only the beginning, the first block in the foundation of what we can achieve together,” said Berzi.