Egypt started offering sugar for trading on Commodities Exchange for first time last Thursday
Egypt started offering sugar for trading on Commodities Exchange for first time last Thursday The head of the Egyptian Commodities Exchange, Ibrahim Ashmawy, has revealed that an agreement has been reached with sugar producing companies to facilitate sugar trading on the trading platform. Ashmawy emphasized that this move is in harmony with the Egyptian government’s policy objectives, which aim to oversee key commodity markets, foster fair competition, and ensure price stability. This is achieved by establishing direct trading connections among commodity producers, manufacturers, and all components of the supply chain. In response to this development, the Egyptian Commodities Exchange has formally announced the requirement for sugar sector enterprises to become registered members of the exchange. Notably, the inaugural trading session for sugar is scheduled for tomorrow, Thursday. Furthermore, Ashmawy detailed that the introduction of sugar trading marks a significant step, positioning it as the fourth tradable commodity on the Egyptian Commodities Exchange. This follows the successful incorporation of wheat and yellow corn commodities.(Al Ahram)
- UAE Agribusiness Al Dahra and ADEX Join Forces for $500 Million Wheat Import Deal to Support Egypt.
UAE-based agribusiness, Al Dahra, in partnership with the Abu Dhabi Export Office (ADEX), has officially inked a significant five-year agreement, valued at $500 million, aimed at providing vital financial support for Egypt's wheat imports. The momentous deal, revealed on Monday, outlines the provision of "high-quality imported milling wheat" worth $100 million annually to Egypt, ensuring access to competitively priced supplies. This strategic collaboration assumes heightened importance against the backdrop of Egypt's ongoing economic challenges. With its currency experiencing a 50 percent depreciation against the dollar and food inflation soaring to a noteworthy 65.8 percent in June, as per a recent World Bank report, the Egyptian government has been grappling to navigate through the crisis. The Al Dahra-ADEX initiative thus emerges as a noteworthy measure to bolster the nation's economic resilience and food security.(Arab News)
- Egypt and China Join Forces to Tackle Water Scarcity and Climate Impact through Crop
DevelopmentThe deal was signed on Wednesday by Egypt’s Minister of Agriculture and Land Reclamation El-Sayed El-Quseir and his Chinese counterpart Tang Renjian, according to a statement by the ministry.. The deal is part of a three-year action plan for agricultural cooperation (2023-2025) between the two countries. The plan includes boosting dialogue and exchanging expertise on agricultural innovation, including modern water-guided technologies, organic and biodynamic farming, and combating pests and plant diseases using environmentally friendly biopesticides. It also includes exchanging expertise in hybrid rice, corn, and soybean cultivation. In addition, it will include collaborating in the field of animal production and agricultural mechanization, training and capacity building through a joint agricultural technical committee. Overcoming scarcity. Egypt's water resources include 55.5 billion cubic metres coming from the Nile, 1.3 billion cubic metres from rainfall and 2.4 billion cubic metres from underground sources. The country has a water deficit of 120 billion cubic metres, which amounts to 55 percent of its water needs. It overcomes water scarcity by importing 54 percent of its virtual water through water embedded in imported commodities. Egypt also reuses 42 percent of its renewable water as per its National Water Resources Plan of 2017-37. Global food security During the signing ceremony, El-Quseir praised the role of the Chinese side in supporting global food security, especially in African and Arab countries, amid global crises, including the Russian-Ukrainian crisis. The Egyptian minister also praised ongoing coordination with the Chinese embassy in Cairo to increase agricultural trade exchange between the two countries. El-Quseir announced that a memorandum of understanding (MoU) will be signed soon to export Egyptian mangoes to China. (Al Ahram)
- Egypt and UAE Collaborate to Boost River Transport: Enhancing Efficiency and Sustainability.
Egypt's Prime Minister Mostafa Madbouly led a high-level meeting in New Alamein City to discuss an ambitious plan for advancing river transport, aimed at addressing water scarcity and environmental concerns. The plan, guided by President Abdel Fattah Al-Sisi's vision, seeks to enhance river transport's role within the broader transportation system and reduce costs while promoting eco-friendly solutions. Transport Minister Kamel Al-Wazir outlined the comprehensive strategy, emphasizing the construction of advanced river units adhering to international standards. These locally manufactured units will significantly cut diesel consumption, alleviate road congestion, and lower maintenance costs. The plan also includes innovative initiatives like "amphibious buses" for passenger transport and streamlining procedures to encourage private sector investment in river ports. The UAE's support and interest in various river transport projects highlight the collaborative efforts between the two countries. Abu Dhabi Ports Group's memorandum of understanding underscores the shared commitment to enhancing Egypt's river transport infrastructure, fostering efficiency, and promoting sustainability. (Daily News)
- Rockfin Spearheads EGP 5bn Worth of Deals in Egypt's Financial Landscape.
Rockfin, a prominent player in consultancy and financial services, is orchestrating a portfolio of significant deals, estimated at EGP 5 billion, set to conclude by year-end. Sherif Bolbol, the founder and managing director of Rockfin, unveiled the diverse operations encompassing mergers, acquisitions, and capital enhancements. Among these, the firm is engaged in transactions such as selling a medical supplies company valued at EGP 1.5 billion, and a share in a pharmaceutical enterprise valued at EGP 300 million. Additionally, Rockfin is strategically advancing a capital increase initiative worth EGP 200 million for a non-banking financial sector company. This is accompanied by the sale of a share in the same entity valued at EGP 200 million, and the divestment of shares in digital payment companies, ranging between EGP 200 million to EGP 250 million. The company's footprint extends beyond these deals. Notably, it offered consultancy services to Cyprus Development Bank during its departure from a gypsum industry factory in Borg El Arab, Alexandria, a transaction valued at EGP 100 million. These funds were allocated as part of a debt settlement for a client. Bolbol emphasized ongoing negotiations with entrepreneurs from Alexandria for the acquisition of this factory, an asset held under a joint stock company. Rockfin's activities extend to arranging loans for three distinct companies, collectively valued at EGP 1.450 billion. These enterprises span the non-banking financial, pharmaceutical, and food and beverage sectors. Founded in April, Rockfin emerged from the collaboration between Bolbol and Heen Abdel Halim, both of whom previously held positions at Prime Holding. The pair's journey includes ownership of Paradigm Invest, followed by an exit in favor of Prime Holding in 2020. (Arab Finance)
- Egyptian Trade Minister Advances Collaborative Prospects with Russian Novostal-M in Key Sectors
Egyptian Minister of Trade and Industry, Ahmed Samir, engaged in a strategic meeting with representatives from Russia's Novostal-M, a prominent player in the rebar industry. The discussions centered on forging a robust partnership aimed at bolstering Egypt's industrial landscape and promoting bilateral economic growth. Samir elucidated Novostal-M's ambitious plans, including the establishment of a steel factory in Egypt and the supply of essential minerals for domestic projects. The company's vision extends further, encompassing the creation of infrastructure for food storage, construction collaborations, and the facilitation of nitrogen and fertilizer exports from Egypt to various African nations. Highlighting the Egyptian government's commitment to attracting international investments, Samir emphasized the objective of fostering robust collaboration between the public and private sectors. The goal is to encourage Russian enterprises with expertise to forge joint ventures, nurturing the economic interests of both nations. Of notable significance is the envisaged contribution of Novostal-M to Egyptian exports, particularly citrus and urea, facilitated by the company's involvement. Samir reiterated the shared enthusiasm of Russian firms to invest in the Egyptian industrial zone, a strategic hub for accommodating a spectrum of Russian industries and amplifying their global reach. (Al Ahram)
- Egypt becomes the second biggest supplier of frozen strawberries to Japan
Egypt, a notable player in global frozen strawberry exports and a key supplier to Japan, is facing a significant decline in its market presence. Historically the second largest supplier to Japan, Egypt's exports have experienced a sharp drop this year, putting its position at risk. Japan, the second-largest Asian importer of frozen strawberries after China, is renowned for its stringent quality requirements for imported fruits. Gaining a foothold in this discerning market is seen as a testament to the exporting country's industry success. Egypt's frozen strawberry exports to Japan reached a peak in 2021-2022, reaching annual volumes of 7,000 tonnes, with peak months being February to June. However, this year has witnessed a 40% year-over-year decline in Egyptian exports, potentially resulting in the lowest shipment volumes in recent years by the end of 2023. This drop also contributes to an overall decline in Japan's total frozen strawberry imports. In contrast, China has gained ground as a major player in the Japanese market, surpassing Japan's annual imports with 36,000 tonnes in 2021 and growing to 39,000 tonnes in 2022. Meanwhile, Egypt's position has been slipping, and China is also experiencing a gradual decrease in exports to Japan. (Arab Finance)
- Hayat Egypt to Invest $210 Million in Expansion, Aiming for Increased Exports and larger Market Share.
Hayat Egypt, a subsidiary of the Turkey-based personal care product manufacturer, is embarking on an extensive investment plan worth $210 million to enhance its domestic operations. Şenol Keserlioglu, the company's General Manager, disclosed that a significant portion, $55 million, will be allocated to the establishment of two new factories dedicated to non-woven products and tissue paper production. Anticipated to commence operations in 2024, these facilities are expected to generate approximately 500 direct employment opportunities, contributing to the local workforce. Currently, Hayat Egypt boasts five existing factories that contribute to the production of women's and children's care items, non-woven products, tissue paper, face masks, packaging, and sanitary napkins. This robust production capacity directly supports 1,600 jobs and indirectly sustains 900 more Keserlioglu highlighted the global reach of these factories, with products exported to 58 countries. Bolstered by this success, the company has set its sights on further expanding exports, with a target of $200 million by 2025, building upon its present level of $150 million. Notably, Hayat stands as the world's fourth-largest branded baby diaper manufacturer and holds the distinction of being the leading tissue manufacturer in the Middle East, Africa, and Eastern Europe region. As the company reinforces its presence in Egypt and sets ambitious export goals, its role in the international personal care product industry continues to flourish (Arab Finance)
- Rx Healthcare Management Explores Pharma Acquisitions in Egypt and GCC
Rx Healthcare Management, a private equity firm under EFG Holding Group, is actively considering acquisitions of pharmaceutical companies in Egypt and the GCC region. Focused on the generic pharmaceutical sector, the company aims to finalize one or two deals this year. This move aligns with its strategy to leverage sector growth and expand its subsidiary, United Pharma, acquired in 2019. United Pharma is working on launching new products later this year or early next year. The company's revenues surged by 31% in H1 2023, with a strong market position in life-saving IV solutions. EFG Holding Group reported a substantial increase in profits and revenues for the first half of the year. (Daily News)
- Golden Coast Company Eyes Landmark Green Sukuk Issuance for Soma Bay Project in Egypt
Golden Coast Company, a subsidiary of Golden Pyramids Plaza, is actively considering the issuance of Egypt's first-ever green sukuk, valued at EGP 8 billion, to fund its project in Soma Bay, Red Sea. The initiative, a significant milestone for the country, signifies the growing interest in sustainable financing methods. Al-Ahly Pharos serves as the financial advisor and promoter for the issuance, while Al-Derini and Co. assumes the role of legal advisor, orchestrating the comprehensive preparations for obtaining the required approval from the Financial Regulatory Authority (FRA). This landmark endeavor follows the introduction of sukuk to the Egyptian market, previously represented by Talaat Moustafa Group's issuance, facilitated by EFG-Hermes Securities. The move towards green sukuk reflects a broader global trend towards sustainable and environmentally responsible investment strategies. The Egyptian market witnessed a solitary green issuance previously, involving green bonds for the Commercial International Bank in 2021, aimed at financing projects aligned with a low-carbon economy transition. Golden Pyramids Plaza, holding a 92% stake in Golden Coast, has been navigating a changing economic landscape. While the company reported a 77% decrease in profits during the first quarter of the year, with revenues also experiencing adjustments, the pursuit of sustainable financing avenues underscores a forward-looking approach to business growth and development. (Mubasher)
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