Al Khaleej Sugar Co. has received a green signal to build a factory in Spain. With this, the world’s largest port-based sugar refinery will extend its reach beyond the Middle East and North Africa.
According to the news report published in bloombergquint.com, Jamal Al Ghurair, managing director of the company said that the construction of the plant will begin in Merida next year. The agreement in this regard was signed between the Spanish authorities and the company’s subsidiary Iberica Sugar Co. on Friday, he said.
The company was exploring opportunities to expand its operations as the lowering margins from the company’s operations in Dubai plants due to increased supply from European Union and India. The company expects an increase in profit after expanding business from Egypt to Spain.
“The new factory will require an investment of about 500 million euros and will produce as much as 900,000 metric tonnes of sugar a year,” he said.
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