Back to the complete issue
Tuesday, 28 September 2021

Russia wheat export tariffs could put Egypt in a “grave situation”

High export tariffs on Russian wheat could put Egypt and other buyers in a “grave situation,” the managing director of a Black Sea-region agricultural research firm writes for the Financial Times. Introduced by the Russian government earlier this year, the tariffs, alongside heightened fertilizer prices, could see farmers lose 15-30% of their income, potentially having a devastating impact on the country’s wheat industry as well as serious ramifications for its biggest buyers, such as Egypt. Russian grain accounts for nearly a quarter of global exports, and is Egypt’s biggest source of wheat.

The ongoing detention of Safwan and Seif Thabet, the top execs at EGX-listed Juhayna, is the subject of this Reuters report that has been widely picked up by global media outlets.

The UK is coming in for criticism over its refusal to accept the vaccination status of travellers from countries including Egypt. Writing for Bloomberg, journalist John Bowker says the policy, which has been called discriminatory and racist, exemplifies the UK’s “post-colonial approach” and sends “all the wrong messages.”

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.