Egypt’s Nutsland Co. announced plans to invest EGP 40 million (US$5.1 million) over the course of three years in support of the company’s plans for expansion.

 

Under the plan, the company aims to purchase 15,000 acres and participate in the 1.5 million acre reclamation project announced by President Abdel Fattah al-Sissi and opened by the government in September. Egypt produces approximately 220,000 tons of peanuts per year, exporting between 20% and 30% to foreign markets.

 

Of the total funds allocated to the plan, Nutsland is committing EGP 10 million (US$1.3 million) to increase production capacity in 2016 through the expansion of acreage, and plans to cultivate an additional 1,000 acres in peanuts – adding to the current 4,500 acres that the company operates.

 

The company exports 4,500 tons of peanuts, or 60% of its total production to European and Middle Eastern markets, with the remained being sold locally.

 

In addition, the company is planning for the purchase of land suitable for the construction of a new peanut and bean processing facility to supply the company’s export markets, while its existing facility will supply local markets. Currently, Nutsland works with 250 local farmers and has 180 factory workers including both fixed and seasonal employees. After the implementation of its expansion plans, the company aims to increase its workforce to 540.