Latest news with #SherifFarouk
Al-Ahram Weekly
25-07-2025
- Business
- Al-Ahram Weekly
Strategies on sugar - Egypt - Al-Ahram Weekly
Egypt has learned valuable lessons from the sugar crisis of 2023, ensuring adequate supplies of the strategic commodity this year. Egypt is the second-largest consumer of sugar globally, with per capita consumption reaching 34 kg per year, compared to three kg per person in Europe. This is why the sugar shortage, which began in November 2023 and spilled over to mid-2024, led the government to declare sugar a strategic commodity and to take stringent measures to prevent its recurrence. As part of the preparations for the 2024 sugarcane planting season, the government set the procurement price for sugarcane supplied to factories at LE2,500 per ton. The Sugar and Integrated Industries Company, a subsidiary of the Holding Company for Food Industries, announced that all factories were operational for the 2025 season and targeted to purchase six million tons of sugarcane. The sugarcane planting seasons take place from mid-March to the end of June and from mid-September to the end of November. Up until 23 February, the Sugar and Integrated Industries Company had received 2,637 million tons of sugarcane, resulting in the production of 275,000 tons of white sugar, said Sherif Farouk, minister of supply and internal trade, in late February. He noted that the sugar stock covered more than a year, enhancing food security and stabilising market prices. Somewhere between 320,000 and 350,000 feddans were planted with sugarcane during the past season, said Ayman Hosni, director of the Sugar Crops Institute. For sugar production, Egypt depends on sugar cane and beetroot, planted in Upper Egypt and Lower Egypt, respectively, and avoiding any overlap in the cultivated areas, Hosni stated. Farmers grew more interested in planting sugarcane and improving yields following the 2023 shortage. At present, a feddan of sugarcane yields an average of 55 tons, with some areas achieving yields of 70 to 80 tons per feddan, he noted. Despite meeting local demand, Hosni said that Egypt is unlikely to achieve complete self-sufficiency in sugar due to the increasing population and demand for the commodity from several industries. He noted that sugar supports 33 related industries such as paper, honey, yeast, alcohol, organic acids, vinegar, plastics, and animal feed. He is confident, however, that the country can reduce the supply gap and ensure price stability. In 2022, the state ordered the construction of two sugarcane seedling production stations in Aswan's Kom Ombo and Wadi Al-Saayda at a cost of LE470 million, with the second costing LE350 million alone. One of the stations is undergoing trial production, while the second is still being commissioned. Instructions were given to accelerate the facilities' construction following the 2023 sugar shortage. Mustafa Selim, a consultant on tissue culture production for sugarcane seedlings who works in Upper Egypt, said that Egypt's sugar factories operate a number of their own farms, which supply part of their needs. The farms use modern technologies, including greenhouses and organic farming practices, and are equipped with tissue culture seedling production units. The cost of one unit may reach up to LE15 million, but the units are important for the production of high-quality sugarcane strains and higher quantities. Since 2024, demand for sugar has risen, as has interest among sugarcane farmers due to the increase in the guaranteed price set by the government and lucrative market prices. Demand has also increased on the part of juice producers and molasses and yeast manufacturers, whose products have almost doubled in price. Unlike state-owned companies, which purchase sugarcane by the ton, private buyers purchase by the feddan. Technologies used in seedling production reduce 30 per cent of production costs and increase yield by 40 per cent, allowing farmers to make attractive profits, Selim explained. He lauded the government's efforts at addressing the sugar shortage, its early announcement of indicative prices, and its decision to open the market to more industries allowing demand for sugarcane to increase and ensuring its availability in the local market. He urged the Ministry of Agriculture to incorporate tissue culture laboratories in seedling production stations, given their role in preserving crop varieties and improving productivity. He added that this technology can also be applied to other crops, including vegetables and fruits, whose seedlings could be produced in the same facilities. While the initial investment is high, the economic return is equally significant, he pointed out. * A version of this article appears in print in the 24 July, 2025 edition of Al-Ahram Weekly Follow us on: Facebook Instagram Whatsapp Short link:
Al-Ahram Weekly
10-07-2025
- Business
- Al-Ahram Weekly
Ramses blaze disrupts key services in Egypt as authorities race to restore normalcy - Society
Cooling operations are still underway at the Ramses Telephone Exchange in downtown Cairo, following a major fire that broke out on Monday, resulting in four deaths and over 20 injuries. The blaze, which was fully contained, has caused disruptions to communications, internet networks, and other essential services across the capital. CBE raises daily cash withdrawals The Central Bank of Egypt (CBE) announced a temporary increase in the daily maximum cash withdrawal limit in local currency from EGP 250,000 to EGP 500,000 for individuals and companies. In a statement, the CBE said the new withdrawal limit will remain effective until normal operations are fully resumed. Electronic withdrawal limits via ATMs and digital platforms remain unchanged. The decision comes as a proactive measure to facilitate financial transactions as the banking sector is working to restore full functionality of communication systems amid the current service disruptions. The CBE emphasized its commitment to ensuring financial stability and maintaining a smooth operation of banking services nationwide. EGX suspends Tuesday trading The Egyptian Exchange (EGX) announced the suspension of all trading activities on Tuesday, 8 July, citing recent market developments and technical and operational challenges within the trading environment. In an official statement, EGX emphasized that despite intensive efforts by all stakeholders to stabilize the market and ensure efficient communication across the trading ecosystem, particularly among brokerage firms, the current conditions have not yet met the necessary standards for fair and orderly trading. The exchange reiterated its commitment to protecting the interests of all market participants and maintaining a level playing field. It also noted that the suspension aims to uphold market integrity and investor confidence. Although EGX affirmed it continues to work closely with relevant entities to restore full functionality as soon as possible, it gave no indication as to when trading will resume. Cairo Airport resumes flights The Ministry of Civil Aviation announced that all flights affected by the recent sudden disruption in communications and internet networks have now taken off. In a statement, the ministry confirmed that operations at Cairo International Airport have returned to normal and that the whole operating system has been restored across all terminals after implementing alternative solutions. Additionally, airport operation teams continue to perform their duties efficiently to ensure the continuity of operations and closely monitor all technical and operational systems. They are also working to ensure the delivery of top-quality services to travellers in accordance with the highest standards of safety and quality, the ministry said. Subsidized bread distribution working normally Minister of Supply and Internal Trade Sherif Farouk confirmed that the distribution of subsidized bread to citizens across all Egyptian governorates is ongoing efficiently. He stated that bakeries have been operating at full capacity since Tuesday morning, with bread being dispensed normally through electronic machines without any obstacles. Farouk explained that bread dispensing machines are equipped with multiple SIM cards, allowing bakery owners to switch between networks to ensure uninterrupted service. This flexibility has helped maintain the system's stability and prevented any partial outages from affecting operations. He also emphasized the ministry's commitment to ensuring citizens receive their subsidized bread easily and consistently. Moreover, Farouk noted that operational teams remain actively engaged in providing support to bakeries facing temporary technical issues to ensure stability of the subsidy distribution system under all conditions. Communication services to resume in 24 hours Minister of Communications and Information Technology Amr Talaat said all telecommunication services will be gradually restored within 24 hours. He dismissed claims that Egypt relies on a single telephone exchange, confirming that although Ramses Telephone Exchange will remain out of service for several days, service restoration is underway through alternative exchanges. Talaat affirmed that all critical services — such as emergency numbers, bread distribution system, airports, ports, and essential utilities — are operating normally in most governorates. According to Talaat, only a few areas have witnessed temporary service disruptions, which are currently being handled, noting that the situation is being monitored in real time. He directed officials to swiftly complete all repair and restoration work and make a list of all affected users to compensate them. Follow us on: Facebook Instagram Whatsapp Short link:
Zawya
16-06-2025
- 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
15-06-2025
- 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
14-06-2025
- 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.
