Savola Eyeing Egypt And Sudan

Diversified Saudi Arabian conglomerate Savola has decided against investing in Turkey after withdrawing bids for six sugar mills put up for sale by the government. Deeming the projects no longer profitable, Savola will instead turn its attention to the North African markets of Egypt and Sudan according to chief executive Sami Baroum. Savola is the Gulf region's largest sugar refiner ahead of the UAE's al-Khaleej Sugar Company with an annual production capacity of 2mn tonnes. Already present in Egypt, BMI believes significant room for capacity strengthening exists. To FY14, headline sugar production is forecast to increase 9.82% to 1.91mn tonnes.

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