Agriculture Minister reveals the reason behind the rise in potato and onion prices
Agriculture Minister reveals the reason behind the rise in potato and onion prices. Regarding the rise in the prices of potatoes and onions, the Minister of Agriculture confirmed that the current rise is due to the seasonal peak, explaining: “We are looking for alternatives and mechanisms to avoid and reduce that period, and it is expected that this wave of rise will end within 15 days at most,” noting that prices are governed by cost factors such as fertilizers, land rent, and labor, which all lead to an increase in the price. (Daily News)
- The Madbouly government has turned to its strategic sugar reserves in a bid to put a lid on soaring prices.
The Supply Ministry will dump 240k tonnes into the market this month to fill the supply gap to reduce the volatility, which has continued despite a raft of measures put in place by the government to restore calm. Sugar prices have soared to record highs in recent weeks and have jumped more than 50% in the past week alone. A kilo of the white stuff is now going for more than 55 EGP. (Asharq Business)
- Private-sector workers on the minimum wage will get a salary bump from the beginning of 2024..
From 1 January, the minimum wage will rise 17% to EGP 3.5k a month (before taxes and social insurance deductions) from 3,000 EGP currently in a move announced in October to cushion the impact of soaring inflation on low-income households. (Daily News)
- Egypt seeks 450 million USD loan from local, international banks for soda ash project.
The Egyptian Soda Ash Company is considering borrowing 450 million USD from a consortium made up of local and international banks in 2024 to finance the soda ash production project in New Alamein. It is worth noting that the project will be established on a 185-feddan area with investments of 685 million USD, with the aim of producing around 600,000 tons annually of soda ash and its derivatives. (Arab Finance)
- Gold industry is pillar of Egyptian manufacturing: New Egypt Gold.
The gold and jewellery sector occupies a prominent role in Egyptian manufacturing, owing to its rich heritage and exceptional quality. The current trend in Egypt leans heavily towards purchasing gold, particularly bullion and coins. This surge is attributed to the high exchange rate of the US dollar against the Egyptian pound and the subsequent devaluation of the local currency. (Daily News)
- Dahab Masr, GuRow seal deal to boost gold investment using AI.
Dahab Masr has signed a cooperation protocol with GuRow, a financial technology application, to develop the gold market through AI. The protocol is expected to transform the traditional Egyptian precious metals market into a more sophisticated and well-organized entity, making gold investment accessible to more diverse individuals. (Ahram Online)
- Proposal to facilitate foreign entity registration on EGX approved by FRA.
The Financial Regulatory Authority (FRA) has agreed to adopt a proposal regarding new processes to facilitate registration for investment funds and foreign companies on the Egyptian Exchange (EGX), intending to enhance accessibility to the local market. (Egypt Today)
- The Engineering Export Council of Egypt is in its third day of a trade mission to Saudi Arabia,
the largest importer for our engineering sector. Sixteen Egyptian manufacturers are connecting with Saudi buyers in a bid to top up orders and investments from the kingdom for pumps, car parts, boilers, kitchenware, and the like. The visit wraps up on Friday. (Al Mal)
- Two of five LNG shipments destined for Europe are being prepared to leave Egypt within a week.
The Oil Ministry plans to export all five shipments before the end of 2023, with the first two deliveries carrying up to 250 mn cubic meters of LNG. All in, Egypt expects to ship 1 mn cubic tons of LNG before the year is out. (Al Arabiya)
- TSFE sells 2.5 billion USD stakes in state-run firms in FY2023/24.
The Sovereign Fund of Egypt (TSFE) has succeeded in selling stakes worth 2.5 billion USD in state-owned firms out of the 5 billion USD targeted sales under the state IPO program for the current fiscal year (FY). The TSFE is about to finalize deals on selling stakes in historic hotels in Egypt, and final contracts are expected to be signed before the end of the year. (CNN Business Arabia)
Stay up to date
More Newsletter to Check
SUBSCRIBE TO NEWSLETTER
Subscribe to download our daily economics and business roundup
×
![]()