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Saudi wealth fund PIF purchases Alphabet, Zoom, and Microsoft shares

Business August 16, 2022

A broad selection of US stocks was purchased by Saudi Arabia’s Public Investment Fund (PIF), bringing its investment portfolio’s value…

Wheat Supply Initiative of US$500 Million Launched by Egypt and Al Dahra

Business August 27, 2026

Al Dahra Agriculture Trading and Egypt’s General Authority for Supply Commodities have initiated a five-year wheat procurement agreement valued at up to US$500 million. This deal transitions a 2023 financing setup into an operational import plan for Egypt. Al Dahra will provide imported wheat to GASC using funding from the Abu Dhabi Exports Office. UAE-backed financing supports a five-year wheat supply program for Egypt. The agreement was signed at Egypt’s Cabinet of Ministers headquarters in El Alamein on Aug. 26, 2026, with Egypt’s Supply and Internal Trade Minister Sherif Farouk, who also heads GASC, present at the event. Khadim Abdullah Al Darei, co-founder and managing director of Al Dahra, was also in attendance. The statement did not specify the wheat quantities, shipment schedules, sources, or the pricing mechanism for acquisitions under this contract. The financing arrangement traces back to August 2023 when ADEX and Egyptian authorities established a revolving program for wheat imports. ADEX allocated US$100 million for this program, with renewals each year over five years, potentially reaching US$500 million in total. Egypt’s ministries of international cooperation and finance collaborated with GASC in that initial framework. The 2026 supply agreement now provides the operational structure for GASC’s wheat purchases from Al Dahra through this financing plan. Al Dahra has been active in Egypt since 2007, operating agricultural projects in Toshka and East Owein

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