Alwefak Al-Saudi to launch new chocolate spread, peanut butter products soon

We aim to increase our exports to $15m in 2021: El-Banna

Company accounts for 65% of Egypt’s honey exports

Alwefak Al-Saudi for food industries aims to increase its exports to about $25mduring 2021, and expand in Africa to compensate for the shrinking local demand.

Mahmoud El-Banna, head of the company's foreign trade sector, said they will launch two new products, namely chocolate spread and peanut butter, in the coming period.

The company hopes to conclude adequate export contracts for these products during the Gulf Food exhibition.

Alwefak Al-Saudi is the largest exporter of bee honey in Egypt, as it accounts for 65% of the country’s total exports of honey.It is one of the products that have seen an increase in demand in light of the global outbreak of the Coronavirus.

El-Banna said: "The demand for honey increased by 10%-15%, however the sales rate came less than expected due to movement restrictions and closures of many markets, not to mention the decline of consumer purchasing power."

He added that the company also produces jam, olive oil, date syrup (Debis) which has witnessed an increase in demand recently, sauces, and tomato paste.Moreover, Alwefak Al-Saudi seeks to increase its productivity of herbs during the current period.

The company has invested about $2m in the establishment of new production lines since last year.

El-Banna mentioned that the company has a good chance toexpand in East African countries, such as Kenya, Somalia, and Tanzania; the COMESA countries;and Sudan, which opened its doors again to Egyptian food products.

He said that the company is putting the final touches to new expansions in its current factory, scheduled for opening on 1 April.

Alwefak Al-Saudi was keen to participate in the Gulf Food exhibition this year to preserve its customers and the good relations it established over past years,despite the expected lower turnout.