Egypt has started the technical preparations for the first and biggest commodities exchange in Egypt and the Middle East, announced Minister of Supply Khaled Hanafy.

Hanafy further explained that the anticipated exchange is aimed to be a hub of contracting, trading, receiving and distributing the grains across the Middle East region.

Upon the alliance between Egypt and Chicago Mercantile Exchange, the latter would assist the African state to establish its first commodities exchange, the minister asserted.

An Egyptian delegation headed by Egyptian supply minister held talks last week in the United States with officials from Chicago Mercantile Exchange. The Egyptian and U.S. officials had reviewed means of technical cooperation and support between the two countries to build the first commodities exchange in Egypt and the Middle East, dedicated for the grains and wheat.

Egypt’s unique geographic local is enhancing the country’s position as a key global logistics hub for companies looking to do business in, or trade between Europe, Asia and Africa, Hanafy noted. This comes by virtue of o get optimal benefit from the Suez Canal’s location, the waterway handling 12% of global trade, 25% of world’s containers, with shipments worth $1.7 trillion annually.