Egypt’s strategic wheat reserves sufficient for 5.7 months

Egypt is one the world’s biggest wheat importer. File
Egypt is one the world’s biggest wheat importer. File
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Updated 26 June 2022

Egypt’s strategic wheat reserves sufficient for 5.7 months

Egypt’s strategic wheat reserves sufficient for 5.7 months

CAIRO: Egypt has strategic reserves of wheat sufficient for 5.7 months, Supply Minister Aly Moselhy said in a news conference on Sunday, adding that the country has procured 3.9 million tons of wheat in the local harvest so far.

Egypt is often the world’s biggest wheat importer.

He added that the strategic reserves for sugar were sufficient for more than six months and those for vegetable oils are sufficient for 6.2 months, while the country is self-sufficient for rice for 3.3 months.


Egypt aims to raise $6bn by selling stakes in state firms to revive economy

Egypt aims to raise $6bn by selling stakes in state firms to revive economy
Updated 15 sec ago

Egypt aims to raise $6bn by selling stakes in state firms to revive economy

Egypt aims to raise $6bn by selling stakes in state firms to revive economy

RIYADH: Egypt is planning to raise $6 billion by June 2023 through selling stakes in government companies as the nation tries to revive an economy badly affected by Russia’s invasion of Ukraine. 

Bloomberg, citing Egypt’s planning minister Hala El-Said, reported that the move will include share offerings to the public or block sales to strategic investors, backed by the country’s sovereign wealth fund. 

She did not reveal the names of the companies which will be listed for an initial public offering. 

The Bloomberg report further revealed that the stakes of some companies owned by Egypt’s army will be sold as a part of this program. 

Earlier this month, Egypt set up a new fund to assist government companies in getting listed on the stock exchange. The pre-IPO fund aims to restructure some state-owned assets and prepare them for stake sales. 

El-Said revealed that the ultimate target is to transfer assets worth $3 billion to the fund within three to six weeks, and it includes the assets of a power plant co-built by Siemens AG. 

The planning minister said that Egypt will conduct road shows in Europe and Asia at the end of October to showcase the investment opportunities in the country. 

She added that sovereign wealth funds within the Gulf and other regions will be approached to buy stakes in Egyptian entities. 

“Sovereign wealth funds are usually long-term investors, they add value in terms of expertise, finance and technology,” she said. The Bloomberg report further pointed out that Abu Dhabi’s ADQ and a unit of Saudi Arabia’s Public Investment Fund have already invested roughly $3 billion to buy shares in Egyptian firms owned by the government. 

Apart from eyeing more foreign investments, Egypt is also negotiating a new loan with the International Monetary Fund. 

Egypt’s fuel and food imports bill has soared as a result of the Ukraine war, and the country witnessed $22 billion in outflows from the local debt market since March 2022. 

Egypt had considered listing 10 government companies on the stock exchange this year, but the Russian-Ukraine crisis apparently delayed the plans. 


UAE healthcare provider Burjeel to sell 11% stake and list on ADX

UAE healthcare provider Burjeel to sell 11% stake and list on ADX
Updated 35 min 33 sec ago

UAE healthcare provider Burjeel to sell 11% stake and list on ADX

UAE healthcare provider Burjeel to sell 11% stake and list on ADX

RIYADH: Abu Dhabi healthcare provider Burjeel Holdings said it intends to offer 11 percent of its shares in an initial public offering as it prepares to go public this year.

The company plans to sell 550.7 million shares, including 350.3 million from VPS Healthcare Holdings, which owns 79.8 percent of Burjeel.

Among the offered shares, 10 percent will be allocated under the first tranche, and 90 percent under the second tranche.

The offer period for the first tranche and the second tranche starts on Sep. 30 and will close on Oct. 4, 2022. 

Burjeel is expected to announce the final price on Oct. 5, and the shares are expected to be listed in Abu Dhabi on Oct. 10.

“Our long-term vision focused on increasing access to quality healthcare and clinical excellence across the region has driven our growth over the past 15 years,” chairman of Burjeel Holdings plc, Shamsheer Vayalil Parambath, said.

“As healthcare expenditure continues to increase across the region, Burjeel Holdings is strongly positioned to benefit through our focus on providing complex, specialized medicine for all socioeconomic groups, through a targeted, multi-brand strategy,” he added.

J.P. Morgan Securities plc has been appointed as capital markets advisor to the selling shareholder and company in connection with the offering.

“Today’s announcement builds on our partnership with IHC which will have a transformative impact for Burjeel Holdings through the addition of new capabilities, capital, and access to new markets,” Parambaths said.

Last week, International Holding Co. announced that it has purchased a 15 percent stake in Burjeel Holdings.

“The acquisition will aim to continue to scale and diversify IHC’s investment in the healthcare sector locally and regionally,” IHC said in a statement.

IHC is the largest company in the UAE by market value and it is led by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE's national security adviser and the brother of UAE’s president.

With a network of 39 hospitals and medical centers, Burjeel Holdings is one of the leading providers of healthcare in the UAE private market with a market share of approximately 17 percent for in-patients and approximately 12 percent for out-patients.

Founded in 2007, the healthcare provider plans to invest $1 billion in Saudi Arabia by 2030 through joint ventures and public-private partnerships.


HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 
Updated 47 min 28 sec ago

HSBC Saudi Arabia appoints new CEO amid expansion plans 

HSBC Saudi Arabia appoints new CEO amid expansion plans 

RIYADH: HSBC Saudi Arabia has appointed Faris AlGhannam as the bank’s new CEO as the lender embarks on a new phase of growth in the Kingdom.

Taking up his new role on Oct. 1 upon regulatory approval, AlGhannam is currently the bank’s deputy CEO, according to a statement.

He succeeds Rajiv Shukla, who was appointed senior managing director and advisor to the regional CEO after leading HSBC Saudi Arabia as its chief since April 2019.

“I am delighted to take on the responsibilities of CEO, leading HSBC Saudi Arabia on a new phase of growth as we focus on the needs of our clients, continue our long-standing contribution to the growth and development of the Kingdom, and help to deliver HSBC’s strategy,” he said.

Founded in 2005, HSBC Saudi Arabia is a joint venture 51 percent owned by HSBC and 49 percent owned by the Saudi British Bank.


Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1
Updated 26 September 2022

Anaam’s shares lead the market gainers after it swings to profits in H1

Anaam’s shares lead the market gainers after it swings to profits in H1

RIYADH: Shares of Saudi poultry processing firm Anaam International Holding Co. surged in early trading after it turned a profit of SR1.6 million ($425,599) in the first half of 2022, against a loss of SR2.4 million in the year-earlier period.

Anaam’s shares topped market gainers, surging 9.94 percent to reach SR20.8 percent at 10:32 a.m. Saudi time.

Anaam attributed its performance to an 84 percent surge in sales and revenue during the first six months of the year to reach SR7.2 million, according to a bourse filing.

Its accumulated losses reached SR7.23 million, representing 2.3 percent of capital, as of June 30, 2022.


NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds
Updated 26 September 2022

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

NADEC shares rise as it signs MoU with Leha Agriculture to produce potato seeds

RIYADH: National Agricultural Development Co. which signed a non-binding memorandum of understanding with Leha Agriculture to produce potato seeds in Saudi Arabia saw its share prices increase during the early trading hours.

NADEC’s share rose 1.96 percent to open Monday at SR26.05 ($7) as of 10:09 a.m. Saudi time.

The MoU, which will take effect on Oct. 1 and expire on April 30, 2023, outlines a general framework for joint cooperation between the two companies, including a desire to study joint investment in potato seed production, Nadec said in a bourse filing.

Both parties agree to combine their investment efforts and serve their mutual interests.

The parties further agreed to appoint independent financial, legal, and technical advisors if they so desire or if the official authorities so request.

The full financial value will be determined and announced after legal, financial, and commercial due diligence.

Leha Agriculture provides storage and cooling solutions for agricultural products in Saudi Arabia and specializes in cultivating and marketing potatoes and potato seeds.