Blumberg Grain was featured in a CairoScene article this month titled "US TYCOON: USE YOUR LOAF, EGYPT", which proclaims that Egypt's bread crisis could soon be resolved by Blumberg, which is launching a new venture in Egypt to introduce new nationwide storage facilities that are set to prevent spoilage and reduce price volatility. An excerpt follows:
It was Marie Antionette who once said let them eat cake – well now a US business tycoon could soon have Egyptians scoffing some of the best loaf on the planet.
Philip Blumberg, head of Blumberg Capital Partners, has launched the tasty new venture after successive politicians failed to solve the riddle of lowering bread prices despite the relatively high cost of purchasing grain, thanks to the country’s poor credit rating.
He said: "Egypt is the largest importer of wheat in the world, but they have to buy it on the spot market. It’s crazy. The largest wheat buyer in the world is constrained by storage."
Blumberg has now 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.
To read the full article, click here. For more news and information, visit Blumberg Capital Partners.
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