Egypt bets big with historic 3.8 million metric tonne wheat tender

Ahmed Kouchouk, Egypt's Finance Minister looks on during a press conference in the east of Cairo, Egypt, August 6, 2024. (REUTERS)
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Updated 07 August 2024
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Egypt bets big with historic 3.8 million metric tonne wheat tender

  • Speaking at a press conference on Tuesday, Egypt’s Finance Minister Ahmed Kouchouk said that not all repercussions of the global sell-off wave are negative, as commodity prices are now at an almost four-year low

CAIRO: Egypt’s state grains buyer, the General Authority for Supply Commodities, announced on Tuesday a massive tender for 3.8 million metric tons of wheat to cover imports between October 2024 and April 2025, its largest ever according to traders.
Egypt has been one of the world’s largest wheat importers, mainly to provide subsidised bread for tens of millions of its people. GASC alone imports some 5.5 million metric tons of wheat annually for bread subsidies.
GASC is seeking the wheat for shipment periods spanning 1-15 and/or 16-30 of each month starting in October until April, with the shipment date in February to be 16-28. Egypt is seeking the cargoes on a free-on-board basis and will purchase using 270-day letters of credit.
GASC is requesting that traders submit bids for at least three months’ shipments. The deadline for offers is Aug 12.
“This is a very strange tender,” said one trader.
“We usually submit bids for shipping a month or two in advance. It would be very difficult to submit a freight offer six or seven months in advance,” he added.
Traders told Reuters that the latest tender is an enormous change to GASC’s whole purchasing strategy and could be a win-all or lose-all situation for the North African country, which is working to keep its economy afloat with the support of the International Monetary Fund and friendly Gulf countries who have injected billions of dollars in loans and investments in 2024 alone.
Speaking at a press conference on Tuesday, Egypt’s Finance Minister Ahmed Kouchouk said that not all repercussions of the global sell-off wave are negative, as commodity prices are now at an almost four-year low.
Shortly after GASC’s announcement, European wheat futures rose on Tuesday.
“My colleagues (at the government) are seizing this opportunity to buy what we need amid the current situation in the global market,” Kouchouk said.
However, traders are skeptical about Egypt’s ability to fulfill its ambition.
“I doubt if they will be able to get the full volume,” said another trader. He said the 270-day payment is very off-putting.
However, a third trader said trading houses will want the business and will just add the banking costs of the 270-day payment delay to their price offers.
GASC said it aims to maintain a wheat reserve sufficient to meet nine months of demand.
As of July, wheat Egypt’s strategic reserves of wheat were estimated to be sufficient for 6.9 months. “It appears that Egypt wants to get big supplies in storage or at least in its books. This could be due both to Egypt’s financial problems or the threat of greater war in the Middle East,” a European trader told Reuters.
“They could shoot themselves in the foot by buying in advance but then having to regret if prices fall later.”

 


First responders enter devastated Aleppo neighborhood after days of deadly fighting

Updated 12 January 2026
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First responders enter devastated Aleppo neighborhood after days of deadly fighting

  • The US-backed SDF, which have played a key role in combating the Daesh group in large swaths of eastern Syria, are the largest force yet to be absorbed into Syria’s national army

ALEPPO, Syria: First responders on Sunday entered a contested neighborhood in Syria’ s northern city of Aleppo after days of deadly clashes between government forces and Kurdish-led forces. Syrian state media said the military was deployed in large numbers.
The clashes broke out Tuesday in the predominantly Kurdish neighborhoods of Sheikh Maqsoud, Achrafieh and Bani Zaid after the government and the Syrian Democratic Forces, the main Kurdish-led force in the country, failed to make progress on how to merge the SDF into the national army. Security forces captured Achrafieh and Bani Zaid.
The fighting between the two sides was the most intense since the fall of then-President Bashar Assad to insurgents in December 2024. At least 23 people were killed in five days of clashes and more than 140,000 were displaced amid shelling and drone strikes.
The US-backed SDF, which have played a key role in combating the Daesh group in large swaths of eastern Syria, are the largest force yet to be absorbed into Syria’s national army. Some of the factions that make up the army, however, were previously Turkish-backed insurgent groups that have a long history of clashing with Kurdish forces.
The Kurdish fighters have now evacuated from the Sheikh Maqsoud neighborhood to northeastern Syria, which is under the control of the SDF. However, they said in a statement they will continue to fight now that the wounded and civilians have been evacuated, in what they called a “partial ceasefire.”
The neighborhood appeared calm Sunday. The United Nations said it was trying to dispatch more convoys to the neighborhoods with food, fuel, blankets and other urgent supplies.
Government security forces brought journalists to tour the devastated area, showing them the damaged Khalid Al-Fajer Hospital and a military position belonging to the SDF’s security forces that government forces had targeted.
The SDF statement accused the government of targeting the hospital “dozens of times” before patients were evacuated. Damascus accused the Kurdish-led group of using the hospital and other civilian facilities as military positions.
On one street, Syrian Red Crescent first responders spoke to a resident surrounded by charred cars and badly damaged residential buildings.
Some residents told The Associated Press that SDF forces did not allow their cars through checkpoints to leave.
“We lived a night of horror. I still cannot believe that I am right here standing on my own two feet,” said Ahmad Shaikho. “So far the situation has been calm. There hasn’t been any gunfire.”
Syrian Civil Defense first responders have been disarming improvised mines that they say were left by the Kurdish forces as booby traps.
Residents who fled are not being allowed back into the neighborhood until all the mines are cleared. Some were reminded of the displacement during Syria’s long civil war.
“I want to go back to my home, I beg you,” said Hoda Alnasiri.