Established in 1920, the Eastern Company is the only local manufacturer of cigarettes in Egypt. In September 2023, the U.A.E’s Global Investment Holding Company acquired 30% of the total shares of the Eastern Company for $625 million, and it will arrange $150 million to purchase tobacco materials for manufacturing. In May 2024, Philip Morris Products acquired 49% of the parent company of the Global Investment Holding Company. Philip Morris now owns an indirect minority stake of 14.7% in Eastern Company. The Holding Company for Chemical Industries will retain a 20.9% stake in the capital of Eastern Company. The company’s net profit grew by 90% in 2023 to $160 million.