Back to the complete issue
Thursday, 27 July 2017

“Unprecedented” volume of wheat bought from international market -Reuters

The scale of Egypt’s wheat purchases in July was “unprecedented,” Ehab Farouk writes for Reuters’ Arabic service. Egypt bought 20% of its target for FY2017-18 in just under a month, he says, and domestic supply decreased. A Supply Minister source told Farouk the increase was to compensate for the drop in supplies domestically as the government tightened control over the wheat delivery processes to avoid inflating delivery figures. This resulted in a 1.8 mn tonne drop compared to last year, he says. The source added that the point of expanding the purchases that significantly was to secure a minimum of five months’ supply of the grain and avoid any delivery disruptions that could occur during the winter months. A trader told Farouk Egypt’s increased purchase volumes drove up wheat prices on the international market.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.