Vital wheat supplies from Europe could be heading our way this month
We could be finally getting our hands on some Ukrainian wheat: A shipment of Ukrainian wheat will soon make its way to Egypt from Romania, Egyptian Holding Company for Silos & Storage official Yasser Tawfik told Ala Mas’ouleety’s Ahmed Moussa (watch, runtime: 4:59). The shipment arrived in Romania from Ukraine via rail, he said. This will be the first cargo of Ukrainian wheat to reach Egypt since the war began in late February.
We don’t know how much grain is on the boat: Tawfik didn’t disclose how big the shipment will be or provide a more specific timeline for when it might leave the country.
A lot of wheat earmarked for Egypt is stuck in Ukraine: Some 300k tons, to be exact, traders said recently.
More wheat is also on the way: Five ships carrying thousands of tons of wheat from Europe will be arriving in Egypt in June, he said, with a ship from Bulgaria carrying 55k tons and four ships from France carrying 63k tons each. A 63k-ton shipment of Russian wheat will also arrive some time this month, he said.
State-owned Nasser Social Bank is now offering the best interest rate in the country on its savings certificates, after it launched a new three-year certificate with a 15% interest rate, the bank’s Vice Chairman Mohamed Ashmawy said last night. This is 1% higher than NBE and Banque Misr’s three-year certificates and 1.5% higher than CIB’s. The new rate comes a day after the National Bank of Egypt (NBE) and Banque Misr suspended their 18% CDs. Kelma Akhira (watch, runtime: 5:43) and Masaa DMC (watch runtime: 7:13) had coverage.
Around 4k people have purchased forms needed to register their properties under the new amendments to the Real Estate Registry Act, which went into effect on 8 May, Real Estate Registry Head Gamal Yacout told Kelma Akira’s Lamees El Hadidi (watch, runtime: 8:46) The changes, which received the greenlight from the House of Representatives in February, simplify the property registration process by reducing the volume of documentation needed, digitizing parts of the procedures, and putting a time limit on the process.
But what about new cities? It will be on the New Urban Communities Authority (NUCA) to register the property on behalf of real estate developers or individuals owning plots in return for a fee, Yacount told El Hadidi. This is according to amendments to the Urban Communities Act, which were approved by the House Legislative Affairs Committee yesterday.