This site has limited support for your browser. We recommend switching to Edge, Chrome, Safari, or Firefox.

UAE sells wheat to Egypt for $500 million

ОАЕ продават пшеница на Египет за 500 милиона долара

Egypt, one of the world's biggest wheat importers, is set to receive new supplies of the grain from UAE-based agribusiness Al-Dahra and the Abu Dhabi Export Authority after signing a $500 million deal.

The agreement covers a five-year period with supplies worth $100 million per year to provide Egypt with imported wheat at competitive prices.

"The low-cost financing package from ADEX helps us procure high-quality wheat at the lowest available financing costs, with convenient payment terms," ​​said Egypt's Minister of Supplies, Ali Moselhi.

The national banks of the UAE increased their credit facilities for the business and industrial sector by 28.4 billion dirhams in the first five months of this year.

According to data from the Central Bank of the UAE, over a period of five months, the credit balance from national banks to both sectors increased by 4 percent. The balance escalated from an estimated AED 717.1 billion in December 2022 to AED 745.5 billion by May 2023.

In May, the national banks increased their credit balance for the mentioned sectors by 8.2 billion dirhams, which reflects a growth of 1.1% on a monthly basis and a growth of 3.3% on an annual basis.

AD Ports Group (the country's most influential company) recorded revenue growth of 66 percent year-on-year in the second quarter of 2023, reaching 2.1 billion dirhams ($571 million), driven by business diversification as well as local, regional and international expansion.

AD Ports Group reported a 29 percent rise in earnings before interest, tax, depreciation and amortization to reach Dh686 million, driven by growth in the company's digital, maritime and port clusters, Emirates News Agency, also known as WAM, reported.

"I am pleased with our strong financial performance for the second quarter of 2023. With remarkable revenue growth of 66 percent year-on-year to AED 2.1 billion, we are successfully executing our diversification strategy and implementing synergies from our recent acquisitions," said the company's CEO, Mohammed Al-Shamisi.

The company's net profit reached 310 million dirhams in the second quarter of the year, an increase of 3 percent compared to the same period last year.

Going forward, AD Ports Group aims to balance its revenue mix across four of its five clusters following the recent acquisition of Noatum, a global provider of integrated logistics services.

Leave a comment

Please note, comments must be approved before they are published