Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    Egypt welcomes 25-nation statement urging end to Gaza war    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Almamlka Foods negotiates with agriculture ministry to buy soybean and maize crops from 2,000 feddans
Company to establish oil extraction plant with Algerian and Moroccan companies for EGP 250m, says Arafa
Published in Daily News Egypt on 27 - 04 - 2017

Almamlka Foods is negotiating with the Ministry of Agriculture and Land Reclamation to sign a letter of guarantee and buy soybean and maize crops from 2,000 feddans (2,076 acres) at the international price.
Mahmoud Arafa, CEO of the company, said that the company expanded in the domestic market after the flotation of the pound that caused a low value of the Egyptian pound against the dollar, which increased import costs and affected the profits of the company, which depends entirely on imports for its production input.
He added that the company plans to inject new investments, in partnership with entities from Algeria and Morocco, to set up a factory for feed and oil extraction on an area of 25,000 square metres with an initial investment of EGP 250m.
He pointed out that the company will submit a request to obtain a piece of land for the implementation of projects in Upper Egypt, according to the Egyptian president's decision regarding granting lands there.
President Abdel Fattah Al-Sisi issued a decree determining that lands will be allocated to industrial investors free of charge. According to the decision, lands will be granted free of charge to investors who meet the technical and financial conditions in specified areas, including Minya, Assiut, Sohag, Qena, Aswan, and the New Valley governorates.
Arafa explained that the flotation of the pound has had a significant impact on the company, since it is operating with imported raw supplies and extracted oils.
He added that shifting to the cultivation of soybeans and maize will provide the dollar reserves required for imports and therefore positively impact prices.
He said that the company is importing 10,000 tonnes of feed, but imports declined by more than 50% after the liberation of the exchange rate.
Almamlka Foods was founded in 2008. It is an Egyptian shareholding company operating in the supply of raw materials to feed mills, as well as oil extraction.


Clic here to read the story from its source.