Global consortium to inject $50m in Egypt commodity exchange

Global consortium to inject $50m in Egypt commodity exchange
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By Ahmed Allam

Cairo – Mubasher: A consortium of global companies is planning to inject investments of around $35-50 million to establish a grain exchange in Egypt, said Eman Al Mutlak, CEO of Injot-Sabika Group.

The top executive signed a cooperation protocol with Egypt's Supply Minister Khaled Hanafi, on behalf of a consortium of three international companies, namely France's Sabika, UK's Sigma and Australia's Injot, which are specialised in setting up commodity bourses.

Al Mutlak added that the alliance targets establishing the first electronic commodity exchange in the Middle East.

Egypt has been selected to set up the first commodity exchange in MENA, given its strategic location and attractive investment climate, said the CEO.