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.



Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
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Albudaiwi: Advantage Oman Forum Offers Valuable Investment Insights

Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi
Gulf Cooperation Council (GCC) Secretary-General Jasem Albudaiwi

Secretary-General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi said that the Advantage Oman Forum is a valuable opportunity offered by Oman to discuss and review investment opportunities and initiatives, as well as future transformations in promising sectors in this field.
This came during Albudaiwi's participation in the first edition of the Advantage Oman Forum, which was held under the patronage and attendance of Omani Deputy Prime Minister for Defense Affairs Sayyid Shihab bin Tarik Al Said, and in the presence of a number of ministers of the GCC countries, Sunday in Muscat. A group of senior officials and decision-makers participated in the forum, SPA reported.
The Secretary-General stated that Oman's Organisation of this forum reflects the insightful vision of the wise Omani leadership to strengthen the national economy and attract global investments, thus contributing to achieving sustainable development goals. He also praised the forum's activities and the workshops as well as the dialogue sessions it included, which provide the elements of success and sustainability for this forum, making it a regional and international platform and a destination for those interested in economic and investment affairs in Oman.
Furthermore, Albudaiwi added that Oman, with its attractive investment environment, advanced infrastructure, well-thought-out economic policies and significant economic, in addition to investment growth indicators, has become a destination for investors from around the world, stressing that this strengthens its position as a key pillar in the economies of the GCC countries and supports the council's aspirations for regional economic integration.
The Secretary-General concluded his statement by expressing his confidence that the forum will achieve positive results that will contribute to expanding the horizons of economic and investment cooperation between the GCC countries and the world, and support the comprehensive development process in the region.