{"id":581945,"date":"2023-03-01T00:00:00","date_gmt":"2023-03-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/"},"modified":"2023-03-01T00:00:00","modified_gmt":"2023-03-01T00:00:00","slug":"supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/01\/supply-ministry-could-import-more-chicken-rice-ahead-of-ramadan-plus-egypt-saudi-interconnector-and-news-from-egyptair-and-cib\/","title":{"rendered":"Supply Ministry could import more chicken, rice ahead of Ramadan. Plus: Egypt-Saudi interconnector and news from EgyptAir and CIB"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">COMMODITIES-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The Supply Ministry is stocking up on imported poultry + rice ahead of Ramadan: <\/span><span>The Supply Ministry is planning to import fresh quantities of frozen poultry over the coming few days, and rice over the next few weeks, as it prepares for spike in demand during Ramadan, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3KOpSNz\" style=\"\">Al Mal<\/a><\/span><span> quotes Supply Minister Ali El Moselhy as saying. The news come as <\/span><span style=\"\">Chicken and rice prices have soared in recent weeks due to the impact <\/span><span>of the EGP devaluation and last year\u2019s import restrictions, which triggered <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2023\/01\/17\/state-grain-buyer-gasc-is-getting-into-corn-with-first-intl-tender-93749\/\" style=\"\">shortages of feed<\/a><\/span><span style=\"font-weight:400;\">. Local poultry production dipped 40% over the \u201crecent period,\u201d the minister said, pointing the finger at more expensive feed and climate change. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">INFRASTRUCTURE- <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Japanese banks provide more finance for Egypt-Saudi interconnector:<\/span><span style=\"\"> A Japanese <\/span><span>banking syndicate will provide a USD 207 mn loan to the Saudi Electricity Company for its side of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/hardhats\/egypt-saudi-electricity-interconnection-finally-kicks-into-gear\/\" style=\"\">3-GW Egypt-Saudi electricity interconnection<\/a><\/span><span> project, Asia-focused news outl<\/span><span>et <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.theasset.com\/article\/48721\/jbic-signs-us207-million-loan-for-saudi-egypt-power-link\" style=\"\">the Asset<\/a><\/span><span> rep<\/span><span>orted yesterday. The Japan Bank for International Cooperation (JBIC) is guaranteeing the loan and will contribute USD 103 mn, while MUFG Bank, Bank of Yokohama and Nishi-Nippon City Bank will co-finance the remainder. The signing of the new loan <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/20\/egypt-saudi-electricity-interconnection-finally-has-a-timeline-84594\/\" style=\"\">comes several months<\/a><\/span><span> <\/span><span style=\"font-weight:400;\">after Standard Chartered Bank and Sumitomo Mitsui Banking Corporation announced the provision of USD 566.4 mn to the Saudi electric company for the project.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What about the Egyptian side?<\/span><span style=\"\"> That\u2019s a little less clear. The head of the Egyptian Electricity <\/span><span>Transmission Company said <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/20\/egypt-saudi-electricity-interconnection-finally-has-a-timeline-84594\/\" style=\"\">in October<\/a><\/span><span style=\"font-weight:400;\"> that it has secured USD 600 mn for the project from Arab funds and agencies, though declined to disclose the lenders.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Remember:<\/span><span style=\"\"> Trial operations for the USD 1.8 bn project are set to begin in <\/span><span style=\"\">May 2025<\/span><span style=\"\"> with an <\/span><span style=\"font-weight:400;\">official operational launch set for later in the same year. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">AVIATION-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">EgyptAir has become the first African operator of the Airbus A321neo. <\/span><span style=\"\">Aircraft lessor Aercap delivered the plane to EgyptAir earlier this week in Cairo. The national flag carrier will use the airliner, which has 16 business class seats and 166 in economy, on routes to Europe, the Middle East and Africa, according to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/simpleflying.com\/egypt-air-first-african-operator-airbus-a321neo\/?utm_source=pocket_reader\" style=\"\">Simple Flying<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">BANKING-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">CIB is now offering CDs in Gulf currencies:<\/span><span style=\"\"> Leading private sector lender CIB is now offering monthly 5.25% certificates of deposit in SAR, QAR and AED (in addition to USD and EUR), it <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/2\/CIB-Gulf-CCY-CDs-Hidden-PDF-AR-1.pdf\" style=\"\">said (pdf)<\/a><\/span><span style=\"font-weight:400;\"> yesterday. The minimum purchase amount for SAR-, AED-, or QAR-denominated CDs is 5k. CDs can only be bought in multiples of 1k, it added.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>COMMODITIES- The Supply Ministry is stocking up on imported poultry + rice ahead of Ramadan: The Supply Ministry is planning to import fresh quantities of frozen poultry over the coming few days, and rice over the next few weeks, as it prepares for spike in demand during Ramadan, Al Mal quotes Supply Minister Ali El [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":581946,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,528,317,104,880,244,72,182,7111],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581945","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-aviation","tag-commodities","tag-economy","tag-egyptair","tag-electricity","tag-enterpriseam","tag-inflation","tag-infrastructure","wpautop","entry"],"acf":{"mongo_id":"a817eba7-8ea1-4bd8-86f9-15ee9f7844a7","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/3\/poultry-1600px.jpg","photo_position":"below","homepage_title":"Supply Ministry could import more chicken, rice ahead of Ramadan","full_issue_title":"","related_issue":[581921],"teaser":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Supply Ministry could import more chicken, rice ahead of Ramadan. 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