Back to the complete issue
Sunday, 10 October 2021

GASC hits up wheat market + Plasma Act gets regs

State grain buyer GASC buys 240k mt of Russian, Romanian wheat: The General Authority for Supply Commodities (GASC) purchased the grain for shipment in the second half of November at an average price of USD 320.51 per mn tonnes FOB and USD 351.61/mt CFR, according to Fastmarkets Agricensus. The transaction comes as high tariffs on exports impact the Russian grain trade and imperil one of the main supply lines for Egypt, the world’s biggest wheat importer. That said, we have been relying less on Russian wheat, which accounted for just 20% of all Egyptian imports by August this season, marking a seven-year low, according to Bloomberg data.

Other things we’re keeping an eye on this morning:

  • The National Telecoms Regulatory Authority is launching tenders to licensed companies to set up mobile phone towers expected (pdf) to cost some EGP 324 mn to cover five main highways connecting between Ismailia, Suez, El Wadi El Gedeed, Aswan, Beni Suef, Minya, and Giza.
  • Orascom Construction will build a 525 MW solar plant in Iraq as part of a consortium with Norway’s Scatec and a private Iraqi company, according to an Iraqi Oil Ministry statement picked up by Reuters on Thursday.
  • The executive regulations for a law regulating the manufacturing and collection of plasma were issued on Thursday, Youm 7 reported.

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.