Ashmawy noted that ITDA is scheduled to sign contracts for the first phase of strategic store warehouses with several investors
Trading on the new Commodity Exchange is expected to kick off in the first quarter of 2023, said head of the Internal Trade Development Authority (ITDA) of the Egyptian Ministry of Supply, Ibrahim Ashmawy, who added that the list of tradable commodities have been identified, including wheat and cotton.
Ashmawy noted that ITDA is scheduled to sign contracts for the first phase of strategic store warehouses with several investors, including 4 warehouses to be signed during the next month. Investors include Orascom, Samcrete Egypt Engineers and Contractors and Hassan Allam companies.
These companies have begun work as private companies for the project to obtain funding for the warehouses from banks, adding that warehouses will be established in Sharkia, Suez, Fayoum and Luxor at an investment cost of about EGP 3 billion per warehouse.
The ITDA head’s comments were taken on the sideline of the opening of the Commercial Registry Center in Beni Suef Governorate.
The second phase will include the establishment of 3 warehouses in Kafr El-Sheikh and Upper Egypt. The third will see warehouses built in the governorates of Lower Egypt, which is scheduled to be presented to investors during the next year 2023.
According to Ashmawi, three investment opportunities have been awarded since the beginning of this year so far in the governorates of Suez, with an area of 7,000 meters, won by the United Company of Pharmacists (UCP), Kafr El-Sheikh with an area of 11.68 feddans, won by Fern Pro Services and Distributions, and Dakahlia, with an area of 4.5 feddans, won by New Marakez Company.
He explained that two investment opportunities are scheduled to be launched during the coming period in the governorates of South Sinai and New Valley, and thus we will have five investment opportunities during the current year, with investments amounting to EGP 12 billion.
Egypt announced the launch of the Commodity Exchange back in 2016 before facing delays, and was scheduled to start trading in Q1 2022.
