Supply Minister: Egypt to Buy 180,000 Tons of Indian Wheat

Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
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Supply Minister: Egypt to Buy 180,000 Tons of Indian Wheat

Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo
Ears of wheat are seen in a field near the village of Zhovtneve, Ukraine, July 14, 2016. REUTERS/Valentyn Ogirenko/File Photo

Egypt has contracted to buy 180,000 tons of wheat from India, less than previously agreed, but is looking at ways to extract more flour from grain and even use potatoes in bread making as it tries to trim imports, the supply minister said on Sunday.

Egypt, one of the world's biggest wheat importers, has in recent years purchased much of its grain from the Black Sea, but saw those imports disrupted by Russia's invasion of Ukraine.

The conflict has also further raised wheat import costs.

Egypt relies mainly on imported wheat to make heavily subsidized bread available to more than 70 million of its 103 million population.

As Egypt sought to diversify import origins, Supply Minister Aly Moselhy said in May that it had agreed to buy 500,000 tons of wheat from India. India banned wheat exports the same month, but made allowances for countries like Egypt with food security needs.

"Based on what the supplier said, the condition was that the wheat has to be at the ports, then it would be available," Moselhy told a news conference on Sunday.

"We had agreed on 500,000 tons, turns out [the supplier]has 180,000 tons in the port."

According to Reuters, Moselhy added that Egypt was also in talks with Russian suppliers for a wheat purchase agreement.

Separately, Egypt is looking at ways to obtain more flour from grain, raising the extraction percentage for flour used for subsidized bread to 87.5% from 82%, Moselhy said.

That could save around 500,000 tons of imported wheat, importing 5-5.5 million tons of wheat for the 2022/23 fiscal year, he added.

Another idea being tested was supplementing wheat flour with potatoes. "We are looking at the technology now," Moselhy said.

Current wheat reserves are sufficient for nearly 6 months after procurement of 3.9 million tons in the local harvest, according to Moselhy.



Alternative Routes for Middle East Oil and Gas Due to Hormuz Disruption

 The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP)
The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP)
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Alternative Routes for Middle East Oil and Gas Due to Hormuz Disruption

 The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP)
The sun rises behind tankers anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP)

The US-Israeli war with Iran has disrupted shipping through ‌the Strait of Hormuz, the world's most important oil chokepoint, exposing the Middle East's limited alternatives for exporting its hydrocarbons.

The International Energy Agency (IEA) called it the largest supply disruption on record, bigger than the oil shocks of the 1970s and the loss of Russian pipeline gas after Moscow's invasion of Ukraine combined.

These are the existing and possible alternative oil and gas export bypasses of the Strait of Hormuz:

EXISTING PIPELINES:

EAST–WEST PIPELINE (SAUDI ARABIA)

Saudi Arabia's 1,200-km East–West pipeline can transport up to 7 million barrels per day (bpd) of crude to the Red Sea port of Yanbu, with effective exports estimated at around 4.5 million bpd, depending on tanker and jetty availability.

From Yanbu, shipments can travel ‌to Europe via ‌the Suez Canal or south via the Bab el-Mandeb ‌strait ⁠to reach Asia, ⁠a route carrying security risks from Yemen's Houthi militants, who have attacked tankers during the Gaza war.

HABSHAN–FUJAIRAH PIPELINE (UAE)

The Abu Dhabi Crude Oil Pipeline (ADCOP) runs from Abu Dhabi's Habshan onshore fields to Fujairah on the Gulf of Oman, outside Hormuz. Operated by ADNOC and commissioned in 2012, the 360-km pipeline has capacity of about 1.5–1.8 million bpd. Oil loadings at Fujairah, however, have been affected by drone attacks since the Iran war started ⁠at the end of February.

KIRKUK-CEYHAN PIPELINE (IRAQ- TÜRKIYE)

Iraq's main northern export route ‌runs from Kirkuk to Türkiye's Mediterranean port of ‌Ceyhan via the Kurdistan region. The pipeline restarted last September after a 2-1/2-year shutdown following an ‌interim deal between Baghdad and the Kurdistan Regional Government. On March 17, Iraq began ‌pumping 170,000 bpd, with plans to reach 250,000 bpd, after Iraq's national oil company SOMO signed export contracts via Türkiye, Jordan and Syria.

GOREH-JASK PIPELINE

Iran may be able to utilize the Jask terminal, fed by the 1 million bpd Goreh-Jask pipeline, to bypass the Strait, the ‌IEA said in its latest oil market report. The construction of the terminal is not fully complete but a loading ⁠from Jask was tested ⁠in 2024, it said.

POSSIBLE ALTERNATIVE ROUTES:

IRAQ–OMAN PIPELINE Iraq said last September it was considering a pipeline from Basra to Oman’s port of Duqm on the Gulf of Oman.

The project remains at an early conceptual stage, with routes under study including an overland line via neighboring countries or a costly subsea pipeline.

IRAQ–JORDAN PIPELINE

The proposed 1 million bpd pipeline would ship crude from Basra to Jordan's Red Sea port of Aqaba, bypassing Hormuz.

First proposed in the 1980s and approved in principle in 2022, the project remains stalled by cost, security and political hurdles.

GULF–SEA OF OMAN CANAL

A canal bypassing Hormuz - similar to the Suez or Panama Canals - remains purely conceptual. A project to cut through the Hajar Mountains toward Fujairah would face extreme engineering challenges and could cost hundreds of billions of dollars.


US Official Says Gas Prices Have Peaked Despite Iran War

US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)
US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)
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US Official Says Gas Prices Have Peaked Despite Iran War

US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)
US Energy Secretary Chris Wright testifies before a Senate Energy and Natural Resources Strategic Forces Subcommittee hearing on US President Donald Trump’s budget request for the Department of Energy on Capitol Hill in Washington, DC, US, April 21, 2026. (Reuters)

US Energy Secretary Chris Wright said Tuesday that gasoline prices appeared to have peaked after a surge linked to the Iran war -- a marked shift in tone a day after President Donald Trump publicly rebuked his earlier, more cautious outlook.

"I don't know the future of energy prices -- often I will speculate or look at those things. I would say, gasoline prices, it looks like they peaked about a week or so ago," Wright told the Senate Energy and Natural Resources Committee.

He said the high point was $1 a gallon cheaper than the peak during the administration of Trump's predecessor Joe Biden, adding: "Yet we're in the midst of ending a 47-year conflict in the Middle East, a major energy producing region."

The remarks mark an abrupt pivot from comments Wright made on CNN on Sunday, when he warned that prices might not fall below $3 per gallon until next year due to disruptions in global oil flows.

But Trump swiftly distanced himself from that assessment, telling politics news outlet The Hill that Wright was "totally wrong" to suggest a prolonged period of elevated prices. He said prices would fall "as soon as this ends," referring to the Iran war.

The rebuke underscores tensions within the administration as it grapples with the economic fallout from the conflict, which has rattled global energy markets.

Oil prices surged after disruptions in the Strait of Hormuz -- a critical shipping chokepoint off Iran's southern coast -- pushed US gasoline above $4 a gallon for the first time since 2022.

Data from AAA show the national average for regular gasoline at $4.02 on Tuesday, down slightly from $4.118 a week earlier -- lending some support to Wright's claim that prices were coming down.

Still, prices remain sharply higher than roughly $3.15 a year ago, underscoring the political sensitivity of fuel costs ahead of November's congressional elections.

The current crisis is rooted in decades of US-Iran tensions dating back to the 1979 revolution and hostage crisis.

The latest flare-up has seen shipping restrictions, military pressure and a fragile ceasefire that appeared close to expiring as of Tuesday, with no clear path to lasting resolution.

While oil benchmarks have eased from recent highs, any renewed disruption in the Gulf could quickly reverse that trend.


Cooler Housing Prices Restore Balance to Saudi Real Estate Market

Residential units in Saudi Arabia. (SPA)
Residential units in Saudi Arabia. (SPA)
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Cooler Housing Prices Restore Balance to Saudi Real Estate Market

Residential units in Saudi Arabia. (SPA)
Residential units in Saudi Arabia. (SPA)

A cooling in Saudi Arabia’s residential property prices signals a notable shift toward a more balanced and sustainable phase after years of rapid gains, according to official data.

Figures from the General Authority for Statistics showed the real estate price index fell 1.6 percent year-on-year in the first quarter of 2026, driven by declines in the housing segment. The drop points to a natural price correction that is improving market efficiency and aligning values more closely with actual demand.

While the residential sector is leading the adjustment, other segments have shown resilience, reinforcing perceptions of a maturing market better able to absorb economic shifts.

Analysts told Asharq Al-Awsat the decline could support higher rates of first-time homeownership by making properties more affordable, noting that supply continues to outpace demand. They expect further easing in the near term.

Real estate specialist Khalid Al-Jasser, chairman of Amaken International Group, told Asharq Al-Awsat that decisions by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, had direct and indirect effects on the sector, contributing to the downturn as part of broader market regulation.

Measures include tighter controls on undeveloped land, curbs on speculation, and policies encouraging genuine homeownership over speculative investment. Higher financing costs and expanded housing supply — supported by government and private projects — have also weighed on demand.

Programs such as “Sakani,” which offers state-backed financing and direct support, have helped broaden access to housing and increase competitively priced options, Al-Jasser said.

He added that prices are now closer to fair value, with relatively lower mortgage payments than in previous years, improving affordability and reducing long-term financial risk. He expects prices to stabilize with balanced growth rather than sharp increases, supported by major projects and a shift toward quality over quantity.

The decline could also help ease inflationary pressures in the Kingdom, he stated.

Residential prices fell 3.6 percent annually in the first quarter, with residential land down 3.9 percent, villas dropping 6.1 percent and apartments declining 1.1 percent. Floor units bucked the trend, rising slightly by 0.6 percent.

By contrast, commercial and agricultural real estate posted gains. The commercial sector rose 3.4 percent, supported by increases in land and building prices, though showroom and retail shop prices fell 3.5 percent. Agricultural real estate surged 11.8 percent, driven by higher farmland prices.

Regionally, price trends varied widely. The Eastern Region recorded the strongest increase at 6.9 percent, followed by Najran. In contrast, Al-Baha saw the steepest decline at 9.2 percent.

In major cities, Riyadh prices fell 4.4 percent year-on-year, while Mecca recorded a modest drop of 0.7 percent. On a quarterly basis, the overall index edged down 0.2 percent compared with the fourth quarter of 2025.