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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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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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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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