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Sunday, 9 October 2016

Sugar shortages impacting Domty’s factory in 6 October

Domty’s new juice factory in Sixth of October, launched last week, is barely able to keep up with its production capacity due to scarcity of sugar, CEO Mohamed El Damaty tell Al Mal. “Sugar has become like the USD, expensive and hard to come by,” quipped El Damaty. The company had been hoping to scale up juice production at the factory to 100K tonnes per annum. Domty isn’t the only one complaining: Traders speaking to Al Borsa speak of a widespread shortage that has seen prices spike as high as EGP 9.50 per kilogram. The Ismail cabinet has said in response that it will purchase 450K tonnes of sugar in the coming days and will buy another 200K tonnes this week. This may be easier said than done: The General Authority for Supply Commodities cancelled a tender to import 100K tonnes on Saturday due lack of interest from traders.

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