COMMODITIES -

GASC seals big Russian wheat buy: GASC has purchased 600k tons of Russian wheat in an international tender, Reuters reported Thursday, citing a statement from the state grains buyer. GASC agreed to pay USD 275 per ton on a free-on-board basis and USD 293-294 on a cost and freight basis, according to the newswire. The wheat is scheduled to arrive in two shipments: the first 300k tons between 10-20 May, and the second between 21-31 May.

We’re keen on Russian wheat: GASC chose Russian suppliers in three separate international tenders earlier this year, all of which were partially funded by a USD 500 mn World Bank loan. The authority has reportedly bought at least1.4 mn tons of Russian wheat in tenders so far in 2023.

MANUFACTURING-

Flex PET starts work on USD 110 mn plastics factory in SCZone: Indian plastic packaging manufacturer Flex PET has begun construction on its USD 110 mn plastics plant in the Suez Canal Economic Zone, according to a SCZone statement. The plant will produce 30k tons of polyethylene a month and is expected to be fully operational by mid-2025.

REAL ESTATE-

HHD wants investors for its Granada redevelopment: State-owned real estatedeveloper Heliopolis Housing and Development (HHD) is offering investors the chance to redevelop several areas of the historic Granada building in Heliopolis, the company’s CEO, Tamer Nasser, saidyesterday. The building was recently reopened following a EGP 47 mn redevelopment project in the works since 2017. Investors can redevelop the building into areas suitable for cultural and tourism activities, exhibitions, and parties, as well as a high-level restaurant.

HEALTHCARE-

Linking the health of people, animals, and ecosystems post-covid: The health, environment, and agriculture ministries, the World Health Organization (WHO), and the UN’s Food and Agriculture Organization (FAO) have launched a four-year strategy for Egypt under the multilateral organizations’ new One Health approach. The idea behind One Health is to integrate human, animal, and environmental health policy in a bid to better guard against risks such as that of future pandemics.

BANKING-

CIB inaugurated its first branch in Kenya’s Nairobi yesterday in an event attended by Egyptian Ambassador to Kenya Wael Nasr Attia, the Foreign Ministry said. CIB in January acquired 49% of Mayfair CIB for USD 40 mn, giving it full ownership of the Kenyan bank.

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