Latest news with #SherifFarouk
Zawya
5 days ago
- Business
- Zawya
Egypt confirms over 6 months of strategic supply for basic commodities amid regional tensions
Arab Finance: Egypt's Minister of Supply and Internal Trade Sherif Farouk affirmed the full availability of all basic commodities in the local market, with a strategic stock sufficient for more than six months, as per a statement. Farouk said the supply situation remains stable despite ongoing regional instablities and their potential impact on global markets. He stressed that proactive measures have been taken in coordination with relevant authorities to ensure the continued availability of essential goods at reasonable prices. The minister also noted that the government is maintaining regular field inspections to prevent any monopolistic practices or price manipulation. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Daily News Egypt
6 days ago
- Business
- Daily News Egypt
Supply Minister reviews strategic stock of basic commodities to ensure availability
Sherif Farouk, Minister of Supply and Internal Trade, held a high-level meeting with senior officials of the Holding Company for Food Industries to assess the status of Egypt's strategic stock of essential commodities. The session focused on monitoring supply levels, production rates, and the efficiency of the distribution network. This initiative aligns with the state's continued efforts to secure citizens' needs, support market stability, and strengthen national food security. During the meeting, officials reviewed inventory levels across warehouses managed by the Holding Company and affiliated wholesale companies. Discussions also covered the regularity of supply flows from producers and suppliers to these warehouses, as well as the performance of logistics and distribution systems serving sales outlets—including consumer complexes, the 'Gam'eyati' initiative, and ration card grocers nationwide. Minister Farouk underscored the importance of maintaining high operational readiness, closely tracking daily supply flows, and safeguarding a robust strategic reserve—especially in light of ongoing global and regional economic challenges. He stressed the need to enhance the trading and distribution framework to ensure timely and accessible delivery of goods to citizens. The Minister also called for stronger coordination between the Holding Company and its subsidiaries, along with deepened partnerships with suppliers and producers, to uphold stable supply chains and maintain the highest standards of service, quality, and discipline.
Egypt Today
7 days ago
- Business
- Egypt Today
Egypt reassures citizens: Strategic reserves of all basic commodities sufficient for 6 months
File- Food market- Photo courtesy of IFAD Facebook page CAIRO – 14 June 2025: Amid the ongoing regional developments and their potential impact on global markets, Egypt's Ministry of Supply and Internal Trade has confirmed that the country's supply situation remains fully stable, with an abundance of all essential commodities sufficient to meet citizens' needs for extended periods. Dr. Sherif Farouk, Minister of Supply and Internal Trade, stated on Saturday that the ministry has implemented a series of proactive measures—coordinated with relevant authorities—to secure the local market's requirements for basic commodities. These efforts aim to ensure market stability and the continued availability of essential goods in adequate quantities and at reasonable prices. The Minister noted that Egypt's strategic reserves of all basic commodities currently exceed six months, reflecting the state's preparedness and ability to manage any potential disruptions stemming from regional or international developments without compromising commodity availability or market equilibrium. Iran launched a devastating missile attack on central Israel on early hours of Saturday in retaliation for Israeli airstrikes earlier that day targeting Tehran and Iranian nuclear facilities. The Israeli strikes reportedly killed hundreds, including military leaders and nuclear scientists. Dozens of Iranian missiles fell on Tel Aviv, causing widespread destruction to residential buildings and forcing hundreds to evacuate their homes. Three Israelis were killed and more than 170 others injured so far according to the Israeli MDA Ambulance amid continuing the military escalation between the both sides. Iranian TV reported that about 60 civilians, including 20 children, were killed in yesterday's Zionist attack on a 14-story residential complex in Tehran. Other more than 70 Iranian were killed on Friday. Also, Iranian media outlets reported that besides killing military leaders and nuclear scientists by the Israeli strikes on Friday, more military leaders in Iran were killed including General Gholam Reza Mharabi, deputy head of the intelligence department, and General Mehdi Rabbani, Deputy Chief of the Operations Department of the Iranian Armed Forces.
Asharq Al-Awsat
26-05-2025
- Business
- Asharq Al-Awsat
Egypt Aims to Boost Local Wheat Procurement to Cut Imports, Says Minister
Egypt could significantly reduce its wheat imports this year as domestic procurement is expected to reach up to 5 million metric tons, compared to 3.5 million tonnes last year, Supply Minister Sherif Farouk told reporters on Monday. "Increasing wheat procurement is a welcome development. We could exceed 4 million tons, even reach 5," Farouk said. The figure is consistent with previously announced target of buying between 4 and 5 million tons from local farmers this season, compared to 3.4 million in 2024. While calling the rise in procurement promising, Farouk said it was "still not satisfying for us", and predicted further improvements in the coming years. Egypt, one of the world's largest wheat importers, consumes 9.5 million tons annually through the supply ministry to support subsidised bread. Wheat forms the backbone of the subsidised bread program, a lifeline for over 69 million citizens. Official data seen by Reuters shows Egypt bought around 3.5 million tons of wheat as of Monday since the beginning of the local harvest in mid April, which is set to continue through mid August, against 3 million tons in the same period last year. Greater self-sufficiency, he added, also allows Egypt to time international purchases strategically. "We're not forced to buy during peak periods in exporting countries. We can choose the right time and price." Farouk also noted ongoing negotiations with Bulgaria, Egypt's fourth-largest wheat supplier, to expand cooperation, whether through direct deals with the military-linked state agriculture commodities importer, Mostakbal Misr, or through a barter system, although negotiations are still ongoing. On wheat reserve levels, he dismissed concerns, saying: "Any increase or decrease in reserves is part of our strategy to secure the best prices it's about storage capacity and economic logic." He also said that Egypt's strategic reserves of wheat are sufficient for 6 months, while reserves of vegetable oils are sufficient for 4 months, and sugar for 12 months.
Zawya
26-05-2025
- Business
- Zawya
Egypt aims to boost local wheat procurement to cut imports, says minister
Egypt could significantly reduce its wheat imports this year as domestic procurement is expected to reach up to 5 million metric tons, compared to 3.5 million tonnes last year, Supply Minister Sherif Farouk told reporters on Monday. "Increasing wheat procurement is a welcome development. We could exceed 4 million tons, even reach 5," Farouk said. The figure is consistent with previously announced target of buying between 4 and 5 million tons from local farmers this season, compared to 3.4 million in 2024. While calling the rise in procurement promising, Farouk said it was "still not satisfying for us", and predicted further improvements in the coming years. Egypt, one of the world's largest wheat importers, consumes 9.5 million tons annually through the supply ministry to support subsidised bread. Wheat forms the backbone of the subsidised bread programme, a lifeline for over 69 million citizens. Official data seen by Reuters shows Egypt bought around 3.5 million tons of wheat as of Monday since the beginning of the local harvest in mid April, which is set to continue through mid August, against 3 million tons in the same period last year. Greater self-sufficiency, he added, also allows Egypt to time international purchases strategically. "We're not forced to buy during peak periods in exporting countries. We can choose the right time and price." Farouk also noted ongoing negotiations with Bulgaria, Egypt's fourth-largest wheat supplier, to expand cooperation, whether through direct deals with the military-linked state agriculture commodities importer, Mostakbal Misr, or through a barter system, although negotiations are still ongoing. On wheat reserve levels, he dismissed concerns, saying: "Any increase or decrease in reserves is part of our strategy to secure the best prices it's about storage capacity and economic logic." He also said that Egypt's strategic reserves of wheat are sufficient for 6 months, while reserves of vegetable oils are sufficient for 4 months, and sugar for 12 months. (Reporting by Nayera Abdallah and Mohamed Ezz; Writing by Tala Ramadan; Editing by Kirsten Donovan and David Evans)
