Search Site

Trends banner

SAIB reports $139 million Q1 net profit

its assets increased by 20.08 percent to $43.65bn.

Nissan forecasts $5.3bn annual net loss

Last year, it announced 9,000 job cuts worldwide.

Saudia to acquire 20 wide-body aircraft

10 of these being acquired for its flydaeal low-cost airline

ADIB’s Q1 net profit $517 million

Q1 2025 net profit before tax increased 18% YoY.

Emirates Islamic Q1 profit $394m

The bank's profit crossed AED 1bn mark for the first time.

Egypt stops buying wheat due to high cost

Offers came higher than usual, the country said.
  • This is the fourth time this year that Egypt has balked at offers in a tender
  • The country imports huge amounts of wheat in order to subsidize bread for its citizens

Egypt, the world’s biggest importer of wheat, has stopped buying the grain because the price of it is too high for the North African nation to afford.

The country imports huge amounts of wheat in order to subsidize bread for its citizens, but has now canceled Tuesday’s wheat tender because of high prices.  Offers came higher than usual, the country said.

This is the fourth time this year that Egypt has balked at offers in a tender, highlighting the impact of high food costs on trade.

The General Authority for Supply Commodities in Egypt is seeking to purchase wheat from November 23 to December 3, while the average price paid by the authority since the start of purchases for the current season has jumped by about $100 per ton.