Back to the complete issue
Tuesday, 24 May 2022

El Moselhy denies wheat disruptions are a problem

On the airwaves last night: Supply Minister Ali El Moselhy denied that Egypt is working through delayed wheat shipments, telling El Hekaya’s Amr Adib that only one cargo — a 63k ton shipment in Romania — is stuck due to shipping disruptions in the Black Sea caused by Russia’s blockade of Ukraine (watch, runtime: 4:26).

Some 300k tons of wheat booked for February and March delivery for Egypt are stranded in Ukrainian ports, traders told Reuters last week.

The CBE isn’t funding wheat imports, the minister said. Shipments are being paid for by funding obtained from the International Islamic Trade Finance Corporation (ITFC) (watch, runtime: 3:08).

Also on the airwaves last night:

  • Monkeypox latest: There are no reported cases of monkeypox in Egypt, according to the Health Ministry, amid a global outbreak that has seen the virus spread to 15 countries. (Al Hayah Al Youm | watch, runtime: 5:11)
  • El Sisi wants more green hydro: President Abdel Fattah El Sisi told ministers to secure more investment for more green hydrogen projects. (Al Hayah Al Youm | watch, runtime: 5:38)
  • No delays at Dabaa: Russia’s invasion of Ukraine has not impacted work at the USD 30 bn Dabaa nuclear power plant it is building with Russian state nuclear company Rosatom, Electricity Ministry spokesperson Ayman Hamza said. (Ala Mas’ouleety | watch, runtime: 3:48)
  • A new list of presidential pardons will be announced in the coming days, said Tarek El Kholy, a member of the Presidential Pardons Committee. (Kelma Akhira | watch, runtime: 2:37)

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.