Al Dahra and ADEX Partner to Secure Egypt's Wheat Supply in US$ 500 million Agreement.
August 15, 2023, 2:26 pm

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Al Dahra and ADEX Partner to Secure Egypt's Wheat Supply in US$ 500 million Agreement.

UAE – 15 Aug 2023 – Al Dahra, a global agribusiness leader based in Abu Dhabi, and Abu Dhabi Exports Office (ADEX) have partnered to supply wheat to Egypt in a 5 year deal starting 2023. The five-year agreement, worth $100 million per year, will provide Egypt with a steady supply of high-quality imported milling wheat.

“This agreement solidifies our commitment in establishing long term supply deals with key producers across the world, so that the people of Egypt have access to essential food supplies and strengthening our food grain supply chain buffer to withstand any unexpected shocks in the global markets,” said HE Dr. Ali Al-Moselhy, Egypt's Minister for Supply and Internal Trade. “We’re glad to partner with Al Dahra and ADEX, who are committed to our objectives. The low-cost financing package from ADEX helps us procure high quality wheat at the lowest cost financing available, with comfortable payment terms. This is a successful milestone in our mission to ensure food security to the Egyptian people. All three parties have been working hard over the past few months to bring this to fruition.”

H. E. Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development and Chairman of the Exports Executive Committee of the Abu Dhabi Exports Office, said: “This agreement marks a milestone in ADEX's mission to help UAE businesses expand their global exports and diversify our economy. We are proud to partner with Al Dahra on this important initiative, which will ensure food security for the people of Egypt.”

Rania Al Mashat, Minister of International Cooperation, said that this agreement is a testament to the power of cooperation to create a ripple effect of positive change, benefiting all involved and leading to greater prosperity for all nations.

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“Al Dahra works towards sustainably feeding a growing world, and this agreement aligns with our purpose in one of the key markets in the region, Egypt,” said Arnoud van den Berg, Group CEO of Al Dahra. “This agreement highlights our commitment to food security in the countries we operate in and complements our efforts from our farms in Egypt. Over the past 3 years, our farms in Egypt have supplied over 180 thousand tons of wheat at the prevailing local market price making us the largest local private sector supplier of Egyptian wheat to the General Authority for Supply Commodities (GASC).” He added.

Al Dahra already farms 28 thousand hectares in Egypt that help sustain the country's food security by producing staple crops. It is the largest private sector producer of wheat and corn in Egypt in addition to the production of onions, sugar beet, sesame, citrus, sorghum as well as forage for the livestock. Nearly 85% of all produce from Al Dahra's Egyptian farms are supplied locally, helping reduce the import burden for the government.

Globally, Al Dahra’s production output of grains and oilseeds is approximately 600 thousand tonnes.

About Al Dahra

Al Dahra is a prominent multinational leader in agribusiness, with over 160 thousand hectares of agricultural land in Egypt, Romania, Serbia, USA, and others, specializing in the cultivation, production in addition to trading of nearly 3 million tons of animal feed and up to 3 million tons of essential food commodities and end-to-end supply chain management.

Serving a large customer base from the Government and Commercial sectors, Al Dahra has a widespread geographic footprint, operating in over 20 countries and catering to more than 40 markets with a leading position in Asia and the Middle East.

For more information, visit https://www.aldahra.com

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.