EGYPT – Edita Food Industries (EFI), a leading Egyptian snack food producer, has entered the frozen bakery segment by the acquisition of Fancy Foods S.A.E., a local manufacturer specializing in the production of frozen foods for US$12 million. Ecofin Agency reports that the company made the announcement through a press release published on May 30, on the company’s website. According…
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Foreign currency crunch hits Egypt’s economy creeping payments for wheat imports
EGYPT – Egypt has deferred payments for its large wheat purchases, a move aimed to relieve financial pressures as the country grapples with a shortage of foreign currency, raising concerns among traders as Reuters reports. According to traders, delayed payments for state-purchased wheat, a top priority commodity, were unprecedented as they were stretching to months. Aly Moselhy, Supply and Internal…
Read MoreAbu Qir Fertilizers to invest US$1.2b in setting up a new ammonia plant
EGYPT – The board of directors of Abu Qir Fertilizers and Chemicals Industries Company (ABUK) has given a go-ahead for the establishment of its subsidiary “North Abu Qir for Agricultural Nutrients”, with an estimated investment cost of US$1.20 billion. According to Zawya, the investment is envisioned to consolidate the country’s main nitrogen fertilizer supplier and expand its presence in the…
Read MoreEgypt secures US$ 66M from EU, AFD as grain storage expansion aid
EGYPT – Egypt has received 60 million euros ($66 million) from the European Union and French Development Agency to help in expanding its silo grain storage capacity by 420,000 tonnes, World Grain has reported. The funding comes after the Egyptian government reported that it has increased its wheat storage capacity to 3.6 million tons (MT) in 2023, compared to 1.2…
Read MoreEgypt expands its wheat storage capacity by 200% in a move to boost local production
EGYPT – In a bid to support local production, the Egyptian government has increased its wheat storage capacity to 3.6 million tons in 2023, compared to 1.2 million tons in 2014, an increase of 200 percent according to a published state report. According to Eficon Agency, the increase follows the establishment of 35 new silos for storing wheat bringing the…
Read MoreEgypt’s poultry feed shortage drives corn import bill to US$1.5bn monthly
EGYPT – Egypt’s corn import bill has increased to US$1.5bn monthly in 2023, compared to US$700m monthly in the past two years owing to the development of the poultry industry according to Anwar Al-Abd, Vice President of the Egyptian Poultry Association (EPA). Maize consumption in Egypt is slightly low since the country is known to be the world’s leading wheat importer…
Read MoreABE receives close to 300,000 tonnes of locally produced wheat as Egypt makes effort toward self-sufficiency
EGYPT – The Agricultural Bank of Egypt (ABE) has announced that it has received the first batch of locally produced wheat in 2023, amounting to about 277,000 tonnes with a total value of about EGP 2.8bn, Daily News Egypt has reported. Samy Abdelsadek, Deputy Chairperson of the ABE made the announcement, stating that the celebrated milestone is for the first…
Read MoreUpper Egypt Flour Mills 9-month standalone profit rises by 11.38%
EGYPT – Upper Egypt Flour Mills (UEFM), an Egypt-based public shareholding company engaged in food processing has reported an 11.38% year-on-year (YoY) increase in its standalone net profits after tax, recording US$3M (EGP 93.016 million). According to Zawya, the celebrated milestone covers the first nine months of the fiscal year (FY) 2022/2023, compared to US$ 2.7M (EGP 83.510 million) achieved…
Read MoreUSDA projects 62% dip in Egypt’s soybean imports for MY 2022/23 in the aftermath of the Russia-Ukraine war
EGYPT – Egypt’s oilseed imports in MY2022/23 would drop by 62% following the repercussions of the war between Russia and Ukraine according to a report from the US Department of Agriculture (USDA). The report showed that the Egyptian soybeans imports (Oct – Feb) of 2022/23, stood at roughly 880,000 MT, a 62.1-percent decrease from the same period last year. According…
Read MoreEgypt sets aside US$ 1.5B for local wheat purchases in a bid to expand production
EGYPT – The Egyptian Ministry of Finance allocated 45 billion EGP (US$ 1.5B) to purchase local wheat from farmers this year, a step forward in supporting and encouraging farmers to expand the cultivation of strategic crops. According to Egyprt Today, Mohamed Maait, the Finance Minister revealed the grant in a statement, adding that the allocation surpassed last year’s bill by…
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