COMMODITIES-

Less imported wheat and more local wheat: The Supply Ministry is now looking to import some 5 mn tons of wheat this year, down from its initial target of 6 mn tons, as it works to up its purchases of local wheat, Supply Minister Ali El Moselhy told Asharq Business. The ministry is now looking to procure around 3.7 mn tons of local wheat, up from an initial target of 3.5 mn tons, he added. The government has so far bought 3.4 mn tons of wheat from local farmers.

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To help it reach its target: The government earlier this year said it will start paying farmers EGP 2k per ardeb of wheat this harvest season, up from last year’s EGP 1.5k.

The gov’t fell short of its target last year: The government procured around 3.4 mn tons of wheat from local farmers during last year’s harvest, falling short of its 4 mn-ton target.

BANKING-

Juhayna in line for a sustainability top-up from HSBC: Our friends at HSBC will provide dairy giant Juhayna with an undisclosed sustainability-linked loan, according to a press release (pdf). The terms of the loan will be based on several KPIs, such as reducing emissions by 18.7% by 2025 compared to 2021 and ramping up health and safety training hours by 20% compared to 2022.

REAL ESTATE-

A Mountain View resort in Sidi Abdel Rahman: Real estate developer Mountain View has launched its latest North Coast project — an EGP 90 bn tourism project dubbed Plage in the heart of Sidi Abdel Rahman in the North Coast, according to a statement cited by Asharq Business.

MANUFACTURING-

China wants to set up a veterinary vaccines factory and has offered to start conducting the necessary studies. This came during a meeting between Agriculture Minister El Sayed El Quseir and representatives from 22 leading Chinese poultry production companies, according to a statement.

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