Abu Dhabi Exports Office (ADEX) partners with Al Dahra for a five-year, $100 million annual wheat export to Egypt. Amid the economic crisis, ADEX’s financing package aids Egypt’s wheat procurement, easing financial strain.
This is contained in a statement rg Monday, the Abu Dhabi Exports Office (ADEX) and the AE-based agricultural company Al Dahra struck a $500 million agreement to export wheat to Egypt.
Egypt, a significant consumer of basic goods, has been experiencing a foreign exchange crisis as a result of the Ukraine War’s widespread shock to its economy. In terms of the dollar, Egypt’s currency has fallen by approximately 50%, and official headline inflation has reached an all-time high of 36.5%.
Egypt’s supply minister Ali Moselhy said, the nation began delaying payments for wheat imports and is now having a harder time generating money to pay off its foreign debt.
He added that, “the low-cost financing package from ADEX helps us procure high-quality wheat at the lowest cost financing available, with comfortable payment terms.”
Al Dahra will start supplying Egypt with imported wheat this year as per the agreement. Through its Egyptian affiliate, which cultivates wheat on 28,000 hectares in Egypt, the Emirati corporation already provides the government with locally produced wheat. The government organization Abu Dhabi Fund for Development’s export finance division is called ADEX.
