Abu Dhabi-based agribusiness company Al Dahra and Abu Dhabi Exports Office (Adex) have secured a $500 million multiyear deal to supply Egypt with wheat.
The five-year agreement, worth $100 million per year, will provide Egypt with imported milling wheat starting this year, Al Dahra said in a statement on Tuesday.
"The low-cost financing package from Adex helps us procure high quality wheat at the lowest cost financing available, with comfortable payment terms.... All three parties have been working hard over the past few months to bring this to fruition," Ali Al Moselhy, Egypt's Minister for Supply and Internal Trade, said.
"This agreement solidifies our commitment in establishing long term supply deals with key producers across the world, so that the people of Egypt have access to essential food supplies and strengthening our food grain supply chain buffer to withstand any unexpected shocks in the global markets."
Africa's total wheat imports are forecast to rise by 5.4 per cent from 2022/2023 to 54.8 million tonnes in 2023/2024 , according to the Food and Agriculture Organisation of the United Nations.
The largest increase is expected in Egypt to meet domestic demand and maintain stock levels.
"Following reduced imports by Egypt in 2022/23, when currency depreciation and high debt levels made importing wheat at high international price levels difficult, expectations of lower international prices could support a rebound in Egypt’s wheat imports in 2023/24 to 12 million tonnes, re-establishing the country as the top wheat importer in the world," the FAO said in its Food Outlook report in June.
International wheat export prices have faced downwards pressure since mid-2022, as supply prospects improved, uncertainty regarding Ukraine’s exports eased and importers diversified their sources, the UN body said.
"Heading into 2023/24 with ample anticipated global supplies, world wheat prices will start the 2023/24 season at lower levels, with prices in May down 35 per cent from May 2022 but 4 per cent above their five-year average value for the same month," it said.
Egypt, Indonesia, Turkey, Algeria and China are the world's top five wheat importers, according to FAO data.
Egypt’s headline inflation rate increased to a record 35.8 per cent in June, as food prices continued to surge in the country. That's up from the 32.7 per cent reported in May, data from the country’s statistics agency Capmas showed.
The deal between Egypt, Al Dahra and Adex is a step in efforts to "help UAE businesses expand their global exports and diversify our economy," Mohamed Saif Al Suwaidi, director general of Abu Dhabi Fund for Development and chairman of the exports executive committee of Adex, said.
Al Dahra farms 28 thousand hectares in Egypt that produce staple crops.
It produces wheat, corn, onions, sugar beet, sesame, citrus, sorghum, as well as forage for livestock.
"Nearly 85 per cent of all produce from Al Dahra's Egyptian farms are supplied locally, helping reduce the import burden for the government," according to the statement.
“This agreement highlights our commitment to food security in the countries we operate in and complements our efforts from our farms in Egypt," said Arnoud van den Berg, group chief executive of Al Dahra.
"Over the past three years, our farms in Egypt have supplied over 180 thousand tons of wheat at the prevailing local market price," he said.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Day 3, Abu Dhabi Test: At a glance
Moment of the day Just three balls remained in an exhausting day for Sri Lanka’s bowlers when they were afforded some belated cheer. Nuwan Pradeep, unrewarded in 15 overs to that point, let slip a seemingly innocuous delivery down the legside. Babar Azam feathered it behind, and Niroshan Dickwella dived to make a fine catch.
Stat of the day - 2.56 Shan Masood and Sami Aslam are the 16th opening partnership Pakistan have had in Tests in the past five years. That turnover at the top of the order – a new pair every 2.56 Test matches on average – is by far the fastest rate among the leading Test sides. Masood and Aslam put on 114 in their first alliance in Abu Dhabi.
The verdict Even by the normal standards of Test cricket in the UAE, this has been slow going. Pakistan’s run-rate of 2.38 per over is the lowest they have managed in a Test match in this country. With just 14 wickets having fallen in three days so far, it is difficult to see 26 dropping to bring about a result over the next two.
Specs
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Dr Graham's three goals
Short term
Establish logistics and systems needed to globally deploy vaccines
Intermediate term
Build biomedical workforces in low- and middle-income nations
Long term
A prototype pathogen approach for pandemic preparedness
More from Rashmee Roshan Lall
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Infiniti QX80 specs
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Power: 450hp
Torque: 700Nm
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F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
