Egypt in Talks to Buy Serbian Wheat in Push to Expand Suppliers
Egypt in Talks to Buy Serbian Wheat in Push to Expand Suppliers Egypt — one of the world’s top wheat importers — is in talks to buy 1 million tons from Serbia, showing how its push to expand suppliers is turning even to minor global shippers. The move aims to “diversify sources of wheat imports,” Supply Minister Aly El-Mosely said in a statement Wednesday, following a Serbian official visit to Egypt. The country will also supply Egypt with corn for poultry feed, he said. Egypt was hard hit by a surge in wheat prices in the immediate wake of Russia’s invasion of Ukraine, sparking a push to pursue new origins. It often buys 11 million tons or more per season and currently has strategic reserves covering 4.5 months of consumption. However, global grain markets have eased from their 2022 peaks and its unclear how far Serbia itself can go to fill any shortfalls. Serbia typically exports about 1 million tons of wheat or less in a given season, with the US Department of Agriculture projecting this year’s sales at 600,000 tons. The statement didn’t give a time-line for the arrival of wheat in Egypt. Serbia will also supply wheat and corn from Romania and Bulgaria via the Romanian port of Constanta, said Shrief Bassily, chairman of the Egyptian Holding Company for Silos and Storage, without giving further details. Romania is already a significant wheat supplier to Egypt’s state-run buyer, ranking as the top origin in the 2021-22 year. (Bloomberg)
Two Egyptians killed, others slightly injured in Turkey earthquake
A number of citizens were slightly injured in Turkey, the ministry said in a Tuesday statement without specifying numbers, adding that the Egyptian Embassy in Ankara is communicating with the injured to check up on them. No Egyptians were reported among the victims in Syria, the ministry added. Lists of victims issued by the Turkish Ministry of Foreign Affairs do not include the names of the two Egyptian victims thus far. However, communication between the embassy and Egyptian communities and student unions revealed that the two are among the victims, the statement said without disclosing their names. The two Egyptians died after the building in which they live in İskenderun district, Hatay province, collapsed as a result of the quake, the statement noted. (Al Ahram)
The Emirati holding ADQ entered into negotiations with the Egyptian government to buy a share of the stake of Telecom Egypt in Vodafone Egypt
It However, no agreement has been reached yet due to a disagreement between the two sides over the proposed acquisition percentage. The Qatari sovereign fund wants to obtain the entire share of Telecom Egypt in Vodafone Egypt, while the government does not want to give up a share exceeding 25% of the company. The Egyptian government is seeking to use the partial exit proceeds from its stake in Vodafone Egypt to establish and launch fifth generation networks in the country (Egypt Independent)
Saudi Arabia-based HR tech platform, Palm.hr, raises $5 million to expand to Egypt
Saudi Arabia-based HR tech platform, Palm.hr, has secured $5 million in a pre-Series A round to expand to Egypt and the United Arab Emirates. Speedinvest and RAED Ventures led the round, while Wamda Capital participated. Founded by Richard Schrems (CEO), Christoph Czichna (COO) and Dragan Nikolic (CPO) in 2019, Palm.hr is a fully automated Human Resources Management System (HRMS). Palm.hr automates payroll, tracks leaves and absences, and monitors employee performance, in addition to employee self-service features that facilitate internal communication. The company, which claims to be on a mission to transform human resource technology and employee experience across the Middle East, North Africa, and beyond, also automates other HR workflow functions, including employee onboarding and offboarding. It is cross-border configurable, making it simple to match local labor laws and employment regulations in different markets. It also updates people’s social insurance because it’s integrated with the social insurance system while The company also plans to add new features and products, including easy access to loans, asset financing, and insurance products. (Tech Point Africa)
Qatari Minister Of Commerce Meets Finland, Egypt Ministers of Commerce and Planning
Qatari Minister of Commerce and Industry H E Sheikh Mohammed bin Hamad bin Qassim Al Thani met yesterday with the Development Cooperation and Foreign Trade of the Republic of Finland Minister H E Ville Skinnari and the accompanying delegation currently visiting the country yesterday. The meeting featured previewing issues of common interest aimed at strengthening cooperation between the two countries in the fields of trade, investment and industry. The Minister also met yesterday with Minister of Planning and Economic Development of the Arab Republic of Egypt H E Dr. Hala El-Said who is currently visiting the country. The meeting featured previewing issues of common interest aimed at strengthening cooperation between the two countries in the fields of trade, investment and industry. During the meeting held, the Minister showcased the successful economic policies Qatar has put in place to support the private sector, and pointed out the incentives, legislations, and promising opportunities that are aimed at encouraging investors, businessmen, and business owners to invest in Qatar. (Qatar News Agency)
Egypt's bonds fall after Moody's credit rating downgrade
Egypt's dollar-denominated government bonds fell on Wednesday after ratings agency Moody's cut the country's credit rating from B2 to B3 late on Tuesday, citing its reduced external buffers and capacity to absorb shocks. The bonds dropped as much as 1.2 cents in the dollar, with the 2029 maturity falling the most to 81.233 cents at 08.45 GMT, according to Tradeweb data. (Reuters)
International Company for Medical Industries (ICMI) inked a contract to purchase a 72% controlling stake in Banff Nonwovens Company for EGP 23.40 million
Under the deal that was signed on 6 February 2023, ICMI paid EGP 9.60 million, equivalent to 41% of the total equity that the firm aims to acquire. Meanwhile, the EGX-listed company will hand over the remaining cash amount over several instalments during 2023. In the first nine months (9M) of 2022, ICMI registered a hike in net loss after tax to EGP 567,203 from EGP 381,205 in 9M-21. Sales amounted to EGP 3.01 million in 9M-22, higher than EGP 963,818 during the January-September 2021 period. (Mubasher)
King Abdulaziz City for Science and Technology (KACST) and Lenovo have penned a memorandum of understanding (MoU) to develop the first innovation centre in the MENA region
The Lenovo Innovation and Creativity Centre will be established in Saudi Arabia to anchor digital transformation and boost cooperation in the fields of artificial intelligence (AI) as well as high-performance computing (HPC). Under the deal, the two sides will create the biggest and most sustainable HPC cluster to foster the research, development, and commercialisation of solutions related to several segments. These sectors include genomics, satellite image interpretation, environment, and clean energy. Meanwhile, Lenovo will leverage KACST’s tech services and products, especially in the Innovation Tower. KACST and Lenovo signed the agreement on the slides of the LEAP 2023 event, during which Etihad Etisalat Company (Mobily) and Ericsson joined forces to launch Mobily Pay in order to bolster mobile financial services across the Kingdom. Saudi Arabian Oil Company (Aramco) and zoom also announced a partnership to endorse the digital transformation ecosystem by developing the tech firm's first global data centre in the Gulf nation. (Mubasher)
B Investments Holding sold its 6.38% stake in Total Energies Marketing Egypt (TE) to TotalEnergies Marketing Afrique SAS (TEMA) for $27.60 million, bringing the company’s total equity value to $433 million
B Investments announced the execution of the transaction on 6 February 2023, while its board greenlighted the bargain last December, according to a bourse disclosure. Meanwhile, the EGX-listed firm is eligible for another $2.20 million subject to certain milestones regarding TEMA’s transaction with Abu Dhabi National Oil Company for Distribution (ADNOC). In the first nine months (9M) of 2022, B Investments logged consolidated net profits after tax worth EGP 998.92 million, an annual leap from EGP 72.92 million, including non-controlling interests. (Mubasher)
Alinma Investment Company, headquartered in Saudi Arabia's Riyadh, hiked its equity ownership in Rekaz Holding for Investment, formerly known as Port Said Agricultural Development and Contracting, to 7.06% from 4.99%
The Saudi firm, which is the investment arm of the listed Alinma Bank, purchased 412,873 shares in the Egyptian company for EGP 1.30 million, at an average price of EGP 3.17 per share. It is noteworthy to mention that Mubasher for Securities and Bonds was the broker for the transaction that was concluded on 5 February 2023, according to a recent bourse disclosure. In January this year, the EGX-listed firm changed its trading name to RKAZ from PSAD, after it had obtained the listing committee’s approval last December. During the first nine months (9M) of 2022, Rekaz Holding incurred net losses after tax worth EGP 1.69 million, higher than EGP 469,918 in the January-September 2021 period. (Mubasher)
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