“The sugar industry in the world is suffering a lot this year from oversupply, from a paradigm shift from cane to beet,” Ghurair said. (AP Photo/The Saginaw News, Melanie Sochan)
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The European Union mostly uses beets, which can be directly processed into white sugar.Ghurair is investing for that change, he said.The Egyptian government and Al Ghurair companies signed a $1 billion farm and sugar deal, the nation's investment, agriculture and public sector ministers said on Jan. 22 . The project includes a beet plant with capacity to produce about 750,000 tons of white sugar a year, an option for a refining capacity of 900,000 tons and access to agricultural land, Islam Salem, chief executive officer of Canal Sugar, the Egyptian arm of Al Ghurair companies, said Sunday in an interview in Dubai.Al Ghurair companies will hold an initial stake of 33 percent in the project, rising to 51 percent upon completion in three years, according to the Egyptian government.
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