Although a decline in private investment will dampen Egypt's outlook, its economy is expected to outperform the wider regions in 2009 with GDP growth coming in at 3.7 percent. Despite the global meltdown affecting expansions, Egypt's food and drink industries have continued to attract investment from Saudi Arabia in particular, the Egypt Food & Drink Report for Q309 said. International Dairy and Juice Limited - a promising joint venture between Almarai and PepsiCo - was on the verge of finalizing the acquisition of leading Egyptian dairy company International Company for Agro-Industrial Projects (Beyti). Should the deal be finalized, it will be worth around EGP650 million, which would make it the biggest food and drink M&A deal in Egypt in 2009 so far. It is believed that Almarai will be responsible for managing Beyti's production, while PepsiCo will spearhead its marketing operation.
