Blumberg Grain was featured in a CNBC article today titled "The American who wants to save Egypt's bread", which explores the recent activity and advancements of Blumberg Grain in Egypt. An excerpt follows:
The rising price of bread was one reason Hosni Mubarak lost power in Egypt. Food inflation is one reason his replacement, Mohammed Morsi, also lost the job. "Egypt is the largest importer of wheat in the world, but they have to buy it on the spot market," said Philip Blumberg of Blumberg Capital.
That may change.
Blumberg recently reached a deal with Egyptian President Abdel Fattah el-Sisi to build 164 grain storage facilities designed to prevent spoilage, reduce price volatility and eventually lead to a local commodities exchange.
"It's crazy," the American investor said. "The largest wheat buyer in the world is constrained by storage."
Blumberg, a Harvard Business School graduate who made his fortune in South Florida real estate, said his family has a history with agriculture, having farmed cotton and pecans in Alabama and tomatoes in Florida. He began to see the buildings he invested in as commodities, too.
"A building is nothing but a bundle of commodities, an assembly of copper, nickel, glass, steel and concrete," his son, David, told Africa Agribusiness.
Philip Blumberg began seeing the need for food security and storage in developing countries, and he decided to create a fund called Blumberg Grain to invest in projects.
To read the full article, click here. For more news and information, visit Blumberg Capital Partners.
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