Egypt’s annual urban consumer inflation rises

Egypt has implemented a series of tough austerity measures to help meet the terms of a $12 billion IMF loan program it signed in late 2016. (AFP)
Updated 10 February 2019
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Egypt’s annual urban consumer inflation rises

  • Inflation cooled in December after an increase in fuel, electricity and transportation prices
  • Egypt has implemented tough measures to help meet the terms of a IMF loan

CAIRO: Egypt’s annual urban consumer price inflation increased to 12.7 percent in January from 12.0 percent in December, the official statistics agency CAPMAS said on Sunday.
Inflation cooled in December after an increase in fuel, electricity and transportation prices last year had sent the rate up to a high of 17.7 percent in October.
Egypt has implemented a series of tough austerity measures to help meet the terms of a $12 billion IMF loan program it signed in late 2016.


German firm wins mega order to build olive oil mill in Saudi Arabia

Updated 19 March 2019
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German firm wins mega order to build olive oil mill in Saudi Arabia

  • Scope of project, located in Al-Jouf, expected to encompass 5 million olive trees
  • Saudi Arabia investing heavily in developing domestic food industry

LONDON: A German company has won an order to build a massive olive oil mill in Saudi Arabia that will be the largest in Asia.
GEA won the order from The National Agricultural Development Company (NADEC), one of the largest agricultural and food-processing companies in the Middle East.
The scope of the project, located in the region of Al-Jouf, is expected to encompass 5 million olive trees from a single farm of 3,000 hectares, GEA said in a statement on Tuesday.
“Once the construction process is completed, this facility will be largest and most modern olive oil mill in Asia,” said Rafael Cárdenas, head of the Center of Excellence for Olive Oil at GEA.
Gulf states including Saudi Arabia, the region’s largest economy, are investing heavily in developing their domestic food industries in an effort to reduce their reliance on imports and boost their food security.
The contract to build the Al-Jouf olive oil mill is the second phase of an ongoing project and will enlarge the existing olive oil plant that was built in 2016.
Al-Jouf Agriculture Development Company is the largest modern olive farm in the world.