Cairo – Mubasher: Arabian Food Industries Company (Domty) signed an agreement with the Dutch dairy company FrieslandCampina International Holding B.V. to establish a joint venture (JV) that will export and sell affordable cheese propositions to markets in Africa and the Middle East from Egypt.

Domty will hold a 49% interest in the JV, while FrieslandCampina will own 51% interest, according to a bourse disclosure on Wednesday.

Over the course of 2020, Domty posted consolidated net profits of EGP 157.97 million, slightly up from EGP 156.16 million a year earlier, including minority shareholders’ rights.