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Egypt to set up Middle East's first commodities exchange in 2016

Ahram Online , Monday 1 Feb 2016
Commodities Exchange
Egypt's Minister of Supplies and Internal Trade, Khaled Hanafy, on the left and Sigma Investments CEO, Iman al-Mutlaq, on the right at the press conference on Monday, 1st February 2016. (Photo Courtesy to ministry of Supplies).
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Egypt will set up the Middle East's first commodities exchange this year as Amman-based Sigma Investments has completed the feasability study at a cost of LE1.3 million, announced Supplies and Internal Trade minister, Khaled Hanafy, on Monday.

The plan is to trade eight commodities through 2 million contracts in the first year while targeting 9.5 million contracts in five years, said a ministry statement.

Small farmers are expected to be some of the main sellers in the exchange, said Hanafy.

EGYCOMEX, the company running the exchange, focuses on 'linking local markets to world prices', according to Sigma investments website.

The new exchange is part of an ambitious mega-project announced in 2014 to turn Egypt into the centre of grain exchange in the MENA region.

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