Business Today-

Egypt’s food industry exports rose by 10.5% year-on-year during the first half of 2026, exceeding $3.77 billion and marking the highest half-year value in the sector’s history.



Exports reached $3.771 billion between January and June 2026, compared with $3.414 billion during the same period in 2025, according to a statement by the Food Export Council.



Growth was supported by a broader base of export markets and products, with 108 markets recording higher imports of Egyptian food products. The European Union posted the strongest growth among major international groups.



The second quarter alone accounted for around 66% of the total increase recorded during the period, reflecting an acceleration in the sector’s export performance.



First-quarter exports reached approximately $1.76 billion, up 7.5% year-on-year, while second-quarter exports rose to $2.01 billion, recording annual growth of 13.2%.



Arab countries remained the largest destination for Egyptian food exports in the first half of 2026, with shipments valued at around $1.74 billion, up 9.4% year-on-year. The region accounted for approximately 46% of the sector’s total exports.



The European Union ranked second, with exports totaling $852 million. It recorded the highest growth rate among the main international groups, rising 15.4% year-on-year and increasing its share of total sector exports to around 23%.



Together, Arab countries and the European Union accounted for approximately 69% of total food industry exports during the first half of 2026. The United States, non-Arab African countries and the rest of the world represented the remaining 31%.



Saudi Arabia retained its position as the largest individual market for Egyptian food exports, with shipments reaching $308 million, up 18% year-on-year.



The United States ranked second with exports of around $255 million, representing annual growth of 9%, while Jordan came third with $166 million, up 24%.



Frozen strawberries remained Egypt’s leading food export product, generating $489 million in the first half of the year, up 8%.



Soft drink concentrates ranked second with exports worth $306 million, rising 2%, followed by edible oils at $230 million, up 26% year-on-year.

Egypt OIL & GAS-


The Mineral Resources & Mining Industries Authority (MRMIA) and Genesis Mining Egypt signed an MoU to develop a $930 million integrated phosphate mining and industrial project in Egypt’s New Valley Governorate.

MRMIA Chairman Yasser Ramadan and Genesis Mining Egypt CEO Hossam El Reedy signed the MoU in the presence of Petroleum Minister Karim Badawi.

Badawi said the project targets phosphate mining capacity of up to 20 million tons annually and beneficiation facilities producing up to 4 million tons of phosphate concentrate per year.

Genesis Mining Egypt intends to invest around $930 million. The development plan targets phosphate mining capacity of up to 20 million tons annually, with beneficiation facilities producing up to 4 million tons of phosphate concentrate per year.

The company is also evaluating an industrial complex to produce up to 500,000 tons per year of phosphoric acid and roughly 500,000 tons per year of fertilizers and phosphate-based products, serving the domestic market while expanding Egypt’s export capacity. This adds to the project’s large-scale development plan.

The project includes exploration and geological activities, with around 2.5 million meters of drilling to build a comprehensive geological database, update reserve estimates, and secure resources for future industrial operations.

Genesis Mining Egypt will finance the project. Initial work will begin with MRMIA and will include geological studies, exploration activities, ore beneficiation testing, and evaluation of the most suitable industrial development options.

The signing ceremony was also attended by Mahmoud Nagi, Head of the Central Administration supervising Safety, Environment, Energy Efficiency and Climate Affairs and Official Spokesperson for the Ministry; Mohamed El-Bajouri, Head of the Ministry’s Central Administration for Legal Affairs; and Mohamed Ismail, Chairman of Cargas and Board Member of the Mineral Resources & Mining Industries Authority.

Genesis Mining Egypt is an Egyptian industrial mineral exploration and processing company headquartered in Egypt. Founded in 2024 as a sister company to Mecca Al Baraka Contracting, it provides end-to-end mineral services to support downstream global industries.

Egypt aims to capitalize on its 2.8 billion tons of phosphate reserves, the world’s third largest, with major deposits in the Red Sea and New Valley regions, including 1 billion tons at Abu Tartour.

Egypt OIL & GAS-


Karim Badawi, Minister of Petroleum and Mineral Resources, met with representatives from Quantum Capital Group (QCG), a U.S. energy investment firm. The delegation included Charles Davidson, Partner at QCG, and Patrick Hughes, the company’s Managing Director and Head of Global Government Affairs.

The meeting explored investment opportunities in Egypt’s petroleum and gas sector, with Quantum Capital seeking to enter the Egyptian market and establish a long-term portfolio. Badawi highlighted promising investment opportunities in exploration, development, and production, especially in the Eastern and Western Mediterranean and the Red Sea.

He said the ministry has adopted flexible economic models, including the R-Factor profitability model, already successful in the Western Mediterranean and now increasingly used in the Red Sea and southern regions.

Badawi also highlighted the Egypt Upstream Gateway, which provides geological and technical data to investors, and the Open Blocks system, which awards exploration areas to qualified investors within 30 days if there are no competing bids.

On refining and infrastructure, Badawi said Egypt has eight modern refineries operating to international standards. He pointed to investment opportunities in a $4.5 billion refinery upgrade program to produce higher-value petroleum products.

Badawi also highlighted SUMED pipeline’s role as a key route for transporting, trading, and storing crude oil between the Red Sea and the Mediterranean. One example is the partnership with the Emirate of Fujairah to create a regional petroleum products hub at El Hamra Port in New Alamein City.

Attending the meeting were Mahmoud Nagi, Head of the Central Administration and Supervisor of Safety, Environment, Energy Efficiency, and Climate Affairs; and Mohamed El Assi, Head of the Central Administration for Financial and Economic Affairs.

Founded in 1998, Quantum Capital Group provides private equity, credit, and venture capital to the global energy and energy transition industry, having managed more than $30 billion in capital commitments with its affiliates since inception. Quantum invests across the energy value chain, including oil and gas, energy infrastructure, renewable power, decarbonization, and energy and sustainability technologies.

Egypt OIL & GAS-


Drilling of the offshore Velox-1X exploratory well in the North Cleopatra concession in the Western Mediterranean has revealed promising oil indicators, confirming a functioning petroleum system and crude oil in the area. These results boost the chances of the first crude oil discovery in the Western Mediterranean, pending completion of evaluation and technical studies.

Drilling began on May 23, 2026, and successfully reached planned geological targets at a final depth of about 6,500 meters. Shell operates the well in cooperation with the Egyptian Natural Gas Holding Company (EGAS), Chevron, a U.S. oil company, and Egypt’s Tharwa Petroleum. QatarEnergy is completing procedures to join the partnership. The operation has yielded encouraging geological results, laying the groundwork for a new phase of exploration in the area. Velox-1X is the fourth well in Shell’s 2026 drilling program

The results are now being evaluated after collecting a crude oil sample and analyzing technical data to determine next steps, including possible additional exploratory wells. Positive indicators highlight the untapped potential of the Western Mediterranean and raise new hopes for oil and gas discoveries.

The well is located about 90 kilometers off the Egyptian coast. Drilling, conducted with the Stena IceMAX drillship, finished 10 days ahead of schedule and under budget, reflecting the efficiency of the operation.

On July 11, 2026, Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, visited Velox-1X. The well is the deepest offshore well in the Mediterranean and a key frontier exploration project expected to provide valuable geological data, attract new investment, and support Egypt’s future hydrocarbon production

Egypt OIL & GAS-


Sayed Selim, Executive Managing Director at the Egyptian Natural Gas Holding Company (EGAS), toured the company’s polyethylene pipe factory in Ain Sokhna. The visit aims to follow up on directives from Minister of Petroleum and Mineral Resources Karim Badawi to reduce imports and boost local content.

The visit focused on monitoring production and progress at the plant, which produces pipes used in residential natural gas projects.

Selim reviewed current and future production plans and discussed ways to boost pipe output with EGAS executives and factory officials.

These efforts support EGAS’s goal to expand natural gas delivery nationwide, including rural villages under the “Decent Life” initiative.

Participants in the tour included EGAS executives Mohamed Khodeir, Vice Chairman for Operations and Grid Control; Abdel Nasser Khafagy, Vice Chairman for Production and Field Development; Alaa El-Maraghy, Vice Chairman for Financial and Commercial Affairs; and Ahmed Salah El-Din, Vice Chairman for Planning and Projects; and Mohamed Kandil, Chairman and Managing Director of Egypt Gas.

In the past two months, EGAS announced it is expanding offshore exploration and operational modernization. In July 2026, EGAS signed an agreement with Cheiron for the East Alexandria Offshore block to assess digital upgrades at Sianco that same month.

These efforts are supported by frequent reviews led by the Minister of Petroleum and Mineral Resources in June 2026 regarding the company’s operations, work plans, and project progress following new discoveries to address sector challenges effectively.

Additionally, EGAS is solidifying its role as a regional energy hub by working toward a September deadline, established in June 2026 with Chevron, to connect Cyprus’s Aphrodite gas field to Egypt’s infrastructure for processing and re-export.

Egypt OIL & GAS-


Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), said Egypt’s crude oil production has hit its highest level in nearly two years. He credited settling outstanding payments to investment partners in June with restoring confidence, attracting new capital, and accelerating exploration and production.

During his visit to Alexandria Petroleum Company (APC), Badawi said refinery utilization reached around 80% this year.

In the first half of 2026, petroleum product exports topped 2.3 million tons (Sales of jet fuel, naphtha, waxes, and vacuum distillates brought in about $2.3 billion). That matches all of 2025. Badawi said exports should reach 2.5 million tons in the second half of 2026.

Modernization and efficiency programs by the Egyptian General Petroleum Corporation (EGPC) increased production of gasoline, jet fuel, and diesel and improved refinery performance.

Cairo Oil Refining Company (CORC) in Mostorod now produces 45,000 more tons of gasoline and 40,000 more tons of jet fuel per month. Alexandria National Refining and Petrochemicals Company (ANRPC) is running at over 110% of design capacity, and Amreya Petroleum Refining Company (APRC) has boosted 92-octane gasoline output by 10,000–15,000 tons monthly. Middle East Oil Refinery (MIDOR) and APC have also increased operating rates.

MoPMR is moving forward with $4.5 billion in refinery projects to boost energy security, cut import costs, and sharpen Egypt’s export edge.

The visit saw Badawi inspect APC’s lubricants complex, where he was briefed by the company’s Chairman Reham Olfa and other executives on the modernization project in partnership with CORC and EGPC.

The modernization cost EGP 150 million. That modernization saves EGP 30 million annually, cuts gas use, extends equipment life, and lowers emissions.

APC also increased asphalt and fuel oil output in FY 2025/26, supplied intermediate feedstocks for high-value products, and continues to produce lubricants, waxes, and solvents for industry.

Egypt’s rebound in oil output and refining follows major reforms by MoPMR and investing over $4 billion to expand EGPC refineries, aiming to boost capacity, reduce fuel imports, and position the country as a regional energy hub.

Egypt OIL & GAS-


As part of the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy to increase domestic natural gas production, maximize existing infrastructure, and reduce reliance on imports, it is working with bp to bring the “Fayoum North-4” well in the Mediterranean Sea into production soon. The well is expected to produce approximately 80 million cubic feet of natural gas per day, supporting these goals.

This follows bp’s successful sidetrack drilling, which brought the well back into production from new reservoir layers without drilling a new well. Work teams reached reservoirs over 3,000 meters deep. This approach showcases how innovative engineering delivers additional output quickly and cost-effectively, thereby maximising existing wells’ reserves and infrastructure utilisation.

The added gas will help meet domestic demand, reduce import costs, and strengthen Egypt’s energy security.

bp is expanding its operational footprint in Egypt, committing $1.5 billion in investments for gas development and exploration during the 2026/2027 fiscal year. This investment supports BP’s continued offshore drilling campaign in the Mediterranean, including the El-Dennis West-1 exploration well in the El-Tamsah concession area.

Egypt OIL & GAS-


The Ministry of Petroleum and Mineral Resources (MoPMR) has succeeded in fully securing the local market’s natural gas needs during the recent peak in consumption, driven by soaring temperatures. The move ensured stable fuel supplies across all sectors, foremost among them electricity, according to Karim Badawi, Minister of Petroleum and Mineral Resources.

This came during the minister’s inspection of the National Advanced Transmission and Automation Centre (NATA) at the headquarters of the Egyptian Natural Gas Company (GASCO). The minister reviewed the operations of the national gas network and the status of fuel supplies to the electricity sector, which recorded the highest consumption rate during this summer period.

Badawi highlighted that the success of the natural gas system in handling these record loads reflects the efficiency of the gas infrastructure, the flexibility of the operating system, as well as the effectiveness of the proactive summer plan prepared by the ministry. This plan included maximizing the use of domestic production, securing additional supplies through regasification units, and maintaining continuous coordination with the Ministry of Electricity and Renewable Energy to ensure the sustainability of supplies.

During his visit to the control center, Badawi was assured of full readiness to secure the needs for the second half of the summer and of the contingency measures in place to address any developments.

Badawi noted that the ministry continues to implement its programs to enhance the efficiency of the natural gas system and strengthen energy security, ensuring the needs of citizens and various economic sectors are met effectively and sustainably, while keeping pace with the ongoing rise in energy demand expected next month.

NATA is the main control system, which is used by GASCO for the management and operation of the national gas network.

Egypt OIL & GAS-


Minister of Electricity and Renewable Energy Mahmoud Esmat met with the UK Ambassador to Egypt Mark Bryson-Richardson to discuss strengthening bilateral cooperation in renewable energy, grid modernization, battery energy storage systems (BESS), and attracting new British investments to Egypt’s energy sector.

During the meeting, Esmat highlighted opportunities to increase the participation of British companies in renewable energy projects, electrical equipment manufacturing, and grid reinforcement initiatives, in line with Egypt’s National Energy Strategy. He also underscored the importance of leveraging British expertise in private-to-private (P2P) renewable energy projects and deploying clean energy solutions to supply remote areas.

P2P projects are direct renewable electricity agreements between private power producers and private off-takers.

The minister reaffirmed Egypt’s target of increasing the share of renewable energy in the country’s electricity mix to 45% by 2028, stressing that the private sector will play a central role in implementing the national energy strategy.

For his part, the UK ambassador reaffirmed his country’s commitment to expanding cooperation with Egypt’s electricity sector and encouraging more British companies to invest in renewable energy projects.

Egypt is accelerating the deployment of renewable energy as part of its National Energy Strategy, targeting a 45% share of renewables in the electricity mix by 2028.

Trading Economics-


Saudi Arabia’s trade surplus surged to SAR 26.0 billion in May 2026 from SAR 6.1 billion in the same month last year, as exports rose while imports slumped. Exports grew 3.9% year-on-year to SAR 93.8 billion, mainly driven by a 19.5% rise in oil exports, which represented 75.6% of total exports. Meanwhile, non-oil exports dropped 27.3% amid a decline in shipments of electrical equipment and parts (-31.6%), which accounted for 22.0% of total non-oil exports. China remained the leading destination for Saudi exports, accounting for 12.3% of the total, followed by South Korea (9.6%) and the UAE (7.5%). Imports slumped 19.5% to SAR 67.8 billion, largely due to a sharp decline in machinery, electrical equipment, and parts (-28.0%). China also remained the largest source of imports, making up 22.0% of the total, followed by the US (10.7%) and Egypt (8.4%).

Trading Economics-


China’s industrial profits rose 18.7% yoy to CNY 3.95 trillion in the first half of 2026, easing marginally from an 18.8% growth in the January-May period. Resilient exports helped cushion the impact of sluggish domestic demand, highlighting the economy's uneven recovery despite efforts to boost consumption. Profits at state-owned enterprises increased 17.9% to CNY 1.30 trillion, while joint-stock companies posted a stronger 24.7% gain to CNY 3.04 trillion. Meanwhile, private firms posted a 13.0% rise in profits to CNY 965.56 billion. By sector, mining remained the main driver, with profits surging 33.5%, followed by manufacturing ( 20.1%). In contrast, utilities posted a 4.2% decline. Among industries, the strongest gains were recorded in non-ferrous metal smelting and rolling (99.4%), computer, communication and other electronic equipment manufacturing (96.9%), and chemicals (67.8%). In June alone, industrial profits climbed 15.1% from a year earlier, slowing from May's 21.1% surge.

Trading Economics-


The Shanghai Composite gained 1.15% to close at 3,858.2 on Monday, while the Shenzhen Component climbed 2.72% to 14,148.7, as investors brushed aside concerns that memory-chip maker CXMT's blockbuster listing would drain market liquidity. CXMT shares surged more than 500% from their IPO price of CNY 8.66, making the company the most valuable stock on mainland exchanges. The stellar debut underscored strong investor appetite for Chinese semiconductor stocks, fueled by expectations that the sector will benefit from Beijing's push for technological self-sufficiency. Meanwhile, China's industrial profits rose 18.7% year-on-year to CNY 3.95 trillion in the first half of 2026, slightly slower than the 18.8% increase recorded in January–May. Technology and chip-related stocks advanced, with Cambricon Technologies (1.31%), Shengyi Technology (6.13%), Zhongji Innolight (2.91%), Eoptolink Technology (3.15%), and NAURA Technology (1.72%) among the notable gainers.

Trading Economics-


New Zealand's stocks advanced 78 points, or 0.6%, to close at 13,851 on Monday, reversing weakness in the morning session and halting the previous session's losses, mainly supported by gains in consumer staples, communication services, industrials, and healthcare sectors. The broader index hit a record high, tracking a rise in US futures due to easing oil prices amid moderating Middle East tensions while traders braced for the release of big tech earnings. However, traders remained cautious ahead of the Fed's monetary policy decision and China's PMI data due this week, as well as the release of New Zealand's consumer confidence and business outlook data for July, also due this week. Auckland International Airport gained 2.0%, A2 Milk climbed 1.8%, ANZ Group rose 1.7%, Summerset Group rose 1.5%, Westpac Banking Corporation went up 1.5%, and Fisher & Paykel Healthcare increased 1.2%.

Trading Economics-


The ASX 200 surged 122 points, or 1.4%, to close at 8,894 on Monday, bouncing back from prior losses as U.S. futures rallied and oil prices slid on easing geopolitical tensions. Locally, Australia's flash PMI data showed services activity expanding at the fastest pace in six months in July, while factory output posted its strongest rise this year. In main trading partner China, industrial profits grew 18.7% yoy in H1, holding firm though softer than the January–May pace. However, gains were tempered by caution ahead of Australia’s June and Q2 inflation prints later this week, with concerns over sticky price pressures lingering. All sectors advanced, led by tech, commercial services, non-energy minerals, and process industries. Capricorn Metals soared 14.3% after boosting gold reserves by 33% to 5.24 million ounces. The four major banks rose between 1.1% and 1.5%, while standout performers included BHP (2.2%), Goodman Group (3.3%), Aristocrat Leisure (2.1%), and Evolution Mining (2.0%).

Trading Economics-


The benchmark KOSPI rose 0.97% to close at 6,756 on Monday, recovering part of the previous session's losses as optimism over major AI cooperation agreements boosted technology shares. Investor sentiment improved after South Korean firms announced a series of AI partnerships with global technology companies, involving about $950 billion worth of projects, highlighted by a $750 billion long-term semiconductor supply deal between SK Group and Nvidia and Nvidia's $1 billion investment in Naver. Samsung Electronics and SK Hynix led the advance, rising 1.80% and 3.24%, respectively, alongside gains in Naver (8.43%), LG Energy Solution (1.06%), Samsung Biologics (1.78%), LG Electronics (1.83%), Hanwha Ocean (1.02%), and HD Korea Shipbuilding (1.75%).