The venture between Saudi Arabian group Almarai and PepsiCo is lining up further investment in Egypt.

The companies, through their venture International Dairy & Juice, plan to spend EGP2.5bn (US$349.5m) over the next five years.

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Almarai said both companies will contribute to the “majority” of the investment as per their stakes in IDJ. Almarai owns 52% of the venture, with PepsiCo holding 48%. The rest of the investment will be made through debt held by the venture.

The partners set up IDJ in 2009 to target countries in the Middle East, excluding the Gulf Cooperation Council states, and Africa. Initially, PepsiCo was the majority shareholder but Almarai acquired a further chunk of the business in 2012.

IDJ’s main markets are Egypt and Jordan, from where it exports to other countries.

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