Business
Al Dahra Agriculture Trading and Egypt’s General Authority for Supply Commodities have formalized a five-year arrangement valued at up to US$500 million for wheat deliveries. This agreement transitions Egypt’s 2023 financing framework into an operational import plan. Under this deal, Al Dahra will supply imported wheat to GASC facilitated by funding from the Abu Dhabi Exports Office. The arrangement specifies the process for procurement under that existing financial program. UAE-backed financing supports a five-year wheat supply program for Egypt. (AI-enhanced image) The pact was signed at Egypt’s Cabinet of Ministers headquarters in El Alamein on Aug. 26, 2026, in a ceremony attended by Egypt’s Supply and Internal Trade Minister Sherif Farouk, who also presides over GASC. Khadim Abdullah Al Darei, co-founder and managing director of Al Dahra, was present as well. The announcement did not specify details about wheat volumes, shipment timelines, origins, or the pricing structure for purchases made under the agreement. The financing scheme originated in August 2023, when ADEX and Egyptian authorities established a revolving system for wheat imports. The program was set at US$100 million, 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 initiative. The 2026 supply agreement now provides the operational framework for GASC’s purchases from Al Dahra within this financing structure
Oil prices experienced a slight bounce on Tuesday after both Brent crude and WTI declined over 2% in the previous trading session. By 0330 GMT, Brent futures increased by 27 cents, or 0.3%, reaching $92.44 per barrel. Meanwhile, U.S. West Texas Intermediate gained 37 cents, or 0.4%, closing at $85.38. This rebound came after Monday’s notable drop, which marked the end of six consecutive sessions of gains for the two major crude benchmarks.
Alibaba Group has announced an HK$80 billion share placement aimed at boosting its investments in artificial intelligence and enhancing its AI infrastructure. The Chinese tech giant will issue 710 million new ordinary shares at HK$112.70 each, translating to roughly US$10.2 billion based on current exchange rates. The company expects the deal to finalize by August 26, pending standard closing conditions. This funding will support the expansion and modernization of its AI infrastructure, including cloud services, models, chips, and applications.
Egypt’s central bank keeps its policy rate corridor at 19%-20% after its August meeting. Official data show that urban annual inflation rose to 14.9% in July from 14.3% in June. Meanwhile, core inflation, as calculated by the CBE, increased to 14.7% from 14.3% over the same period. In July, both headline and core inflation figures registered no change month-on-month. The Central Bank of Egypt explained that unfavorable base effects contributed to the higher annual figures. The urban consumer price index for Egypt is produced by the Central Agency for Public Mobilization and Statistics. This August decision marks the fourth consecutive hold after meetings in April, May, and July. The last adjustment to policy rates occurred on February 12, when the CBE cut key rates by 100 basis points. This reduction brought the overnight deposit and lending rates to their current levels of 19% and 20%. Additionally, the main operation and discount rates were lowered to 19.5%. Since that reduction, the Monetary Policy Committee has consistently maintained the same rate structure at every subsequent meeting. Inflation climbs yearly while monthly prices stay stable The central bank noted that real economic activity showed signs of moderation during the second quarter, based on its latest estimates. This follows a 5% growth in real gross domestic product during the first quarter of 2026. The CBE anticipates an average real GDP growth rate of about 5% for the
Japan’s July trade reached record values as imports outpaced exports. This month marked the second consecutive record for imports by value. Crude oil significantly contributed to the overall increase, as Japan faced rising energy costs. Imports of crude oil climbed 5.5% compared to July 2025, ending a three-month streak of year-on-year declines. The value of crude shipments jumped by 87.8% over the same period. Japan’s heavy reliance on imported energy makes fluctuations in oil prices and exchange rates key factors influencing its trade balance.
U.S. stocks experienced modest increases on Wednesday, primarily driven by a sharp decline in long-term Treasury yields. The S&P 500 climbed 16.22 points, or 0.21%, reaching 7,707.98 and ending a streak of three consecutive losing sessions. The Dow Jones Industrial Average gained 119.65 points, or 0.22%, closing at 53,463.05. Meanwhile, the Nasdaq Composite rose by 41.38 points, or 0.16%, finishing at 26,331.09. The downward movement in government bond yields helped the major indices recover after several sessions marked by pressure from rising borrowing costs.