SPA-


Saudi Aramco and Petroliam Nasional Berhad (Petronas) announced today the signing of an agreement to transfer Saudi Aramco’s shares in Pengerang Refining Sdn Bhd and Pengerang Petrochemical Company Sdn Bhd (collectively, “PREFChem”), located in the Pengerang Integrated Complex in Pengerang, Johor, Malaysia, to Petronas.

The transfer is subject to customary closing conditions, and will make PREFChem a wholly owned and operated subsidiary of the Petronas Group.

Petronas’ full ownership of PREFChem will enhance operational compatibility and resilience across its value chain, while leveraging its international supply chain and integrated operating model to support continued reliability in a dynamic market environment. This transaction supports Saudi Aramco’s efforts to develop its refining, chemicals, and marketing portfolio, providing the company with greater flexibility to pursue investments aligned with its strategy in this sector.

The transaction was concluded on mutually agreed terms, reflecting the evolving strategic priorities of both parties. Saudi Aramco and Petronas will work closely together to explore post-transfer commercial arrangements, including coordinating crude oil supplies, sharing technology, and integrating product distribution, building on their decades-long partnership.

Saudi Aramco and Petronas will continue to focus on achieving operational excellence and delivering sustainable value to their shareholders and the communities they serve.

Business Today-


Elsewedy Electric plans to expand into Egypt’s automotive manufacturing sector in the coming period by locally producing new vehicles in partnership with global manufacturers.

The production capacity of the Ezz–Elsewedy factory is set to reach around 80,000 new vehicles, a move expected to meet local demand and increase export volumes, with investments estimated at billions of Egyptian pounds, according to a government statement.

Prime Minister Mostafa Madbouly met on Sunday with Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, to discuss the company’s business plans, expansion strategy, and investments across various sectors.

The meeting reviewed the status of several projects currently being implemented by the company, including projects in Borg El Arab, Upper Egypt, and planned investments in new industrial zones.

Madbouly reaffirmed the government’s support for the industrial sector, describing it as one of the key pillars of the economy and a main driver for achieving economic targets. He also highlighted the sector’s developmental and social role, as well as the state’s efforts to localize several vital industries to meet domestic demand and expand access to global export markets, strengthening the competitiveness of Egyptian products.

During the meeting, El Sewedy reviewed a number of industrial and investment projects being implemented by the company across multiple sectors. He also outlined the company’s future plans, which include expanding into several industries and injecting further investments, particularly in the automotive sector in general and electric vehicles in particular.

He also discussed ongoing cooperation with the General Authority for the Golden Triangle Economic Zone, noting current efforts to attract more industrial investors to the promising area.

El Sewedy requested an increase in the land allocated to the company in the Golden Triangle zone, in light of its investments in infrastructure and the expected interest from industrial investors.

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Egypt’s Minister of Foreign Affairs, Emigration and Egyptian Expatriates, Badr Abdelatty, received Mauritania’s Minister of Foreign Affairs, African Cooperation and Mauritanians Abroad Mohamed Salem Ould Merzoug on Sunday for talks on strengthening bilateral relations and exchanging views on regional developments.

Egypt and Mauritania agreed on the need to advance cooperation across key sectors, particularly economic and investment fields, in line with the aspirations of both peoples.

The two sides highlighted energy, mining, fisheries and logistics as priority areas for cooperation. They also stressed the strategic importance of holding regular meetings of the joint committee and building on the success of the first Egyptian-Mauritanian Economic Forum to achieve a qualitative leap in trade exchange.

Both ministers expressed their hope that Cairo will soon host the third session of the joint committee.

During the meeting, Abdelatty conveyed President Abdel Fattah El-Sisi’s greetings to Mauritanian President Mohamed Ould Cheikh El Ghazouani, reaffirming the deep fraternal ties between the two countries and Egypt’s keenness to advance bilateral cooperation across various fields.

For his part, the Mauritanian minister conveyed President Ghazouani’s greetings to President El-Sisi and delivered a written message addressed to the Egyptian president.

He also praised the distinguished level of bilateral relations, as well as the ongoing coordination and mutual support between the two countries in diplomatic and regional forums.

Business Today-


Egypt’s Ministry of Finance announced that the state budget’s primary surplus rose to EGP 897 billion, equivalent to 4.2% of GDP, during the period from July to April of FY2025/26, compared to EGP 536 billion, or 3% of GDP, during the same period of the previous fiscal year.

In a report released on Sunday, the ministry said the overall budget deficit recorded EGP 1.124 trillion, equivalent to 5.3% of GDP, compared to EGP 1.122 trillion, or 6.2% of GDP, during the same period a year earlier.

The ministry attributed the improvement to a significant 29.3% increase in tax revenues, which reached EGP 2.208 trillion, compared to EGP 1.708 trillion in the same period last year. This growth was driven by higher collections across most tax categories, supported by improved relations with the business community, continued gains from tax reform packages, and stronger revenues from income taxes and commercial and industrial activity taxes.

The ministry added that tax facilitation measures for small and medium-sized enterprises, amendments to the VAT law, and the automation of tax systems helped improve tax administration, expand the tax base, and increase collections.

Public spending was also kept under control during the period, supported by efforts to improve debt management, diversify financing sources, reduce reliance on the Treasury Single Account, and remain within legal limits. The ministry also highlighted the government’s commitment to capping investment spending at EGP 1.2 trillion for the current fiscal year.

Total public revenues increased by 34.7%, or EGP 686.7 billion, over the 10-month period to reach EGP 2.663 trillion, compared to EGP 1.976 trillion a year earlier. Tax revenues accounted for 82.9% of total revenues, while non-tax revenues contributed 17.1%.

Meanwhile, total public expenditures rose by EGP 652.8 billion, or 21.2%, to record EGP 3.733 trillion during the 10 months, compared to EGP 3.080 trillion in the same period of the previous fiscal year.

Business Today-


The Egyptian government plans to fully clear outstanding dues owed to foreign oil companies operating in the local market by June 10, earlier than previously scheduled, Minister of Petroleum and Mineral Resources Karim Badawi said.

During a meeting with Prime Minister Mostafa Madbouly, Badawi said foreign partners’ dues had fallen from $6.1 billion on June 30, 2024, to $1.3 billion in March, then to $714 million in April, reaching $440 million in May.

Badawi added that the government is set to complete the settlement of all outstanding payments and bring dues down to zero by June 10, 2026, ahead of the earlier target date of June 30.

The minister also highlighted the start of drilling operations for a new well at the Nargis natural gas field in the Mediterranean. He said the project would help increase Egypt’s local natural gas production and reduce the import bill, supporting the country’s energy security.

Badawi added that Shell and Chevron have announced plans to drill a new well named VeloX in the West Mediterranean. This comes alongside recent memoranda of understanding signed at the Cabinet headquarters between EGAS and TotalEnergies to establish a strategic partnership to explore petroleum potential in an offshore area in the West Mediterranean.

During the meeting, the petroleum minister reviewed updates on seismic survey activities carried out between January and May, covering more than 5,600 kilometers and around 100,000 square kilometers.

Badawi also reviewed several new discoveries, including a discovery by Agiba Petroleum in the Western Desert. The company made a new gas and crude oil discovery through the Bustan South-1 exploratory well, marking its largest discovery in the past 15 years.

The new discovery is expected to provide around 330 billion cubic feet of natural gas, in addition to nearly 10 million barrels of condensates and crude oil, with total reserves estimated at around 70 million barrels of oil equivalent.

The meeting also discussed ongoing preparations for the Egypt Mining Forum, scheduled to take place at the end of September.

Business Today-


The Central Bank of Egypt (CBE) announced new amendments to the state-backed tourism support initiative after the Cabinet approved changes aimed at boosting investment and operational capacity in the tourism sector.

In a circular addressed to local banks, the CBE said the remaining funds under the initiative, which carries a total financing allocation of EGP 50 billion backed by the Ministry of Finance, can now be used to finance all pending requests registered on the central bank’s system that have not yet been activated by banks.

The activation process must be completed by the end of June 2026.

Under the revised rules, the maximum financing limit for a single client was set at EGP 2 billion, depending on the company’s business size and banking regulations, while maintaining the initiative’s total financing cap.

The amendments also allow the financing ceiling for a client and related parties to increase to EGP 4 billion, subject to joint approval from the ministers of finance and tourism and antiquities, without exceeding the initiative’s overall EGP 50 billion limit.

The central bank stressed the importance of banks adhering to all regulatory guidelines governing the initiative, as part of efforts to support tourism companies, stimulate investment, and strengthen growth and operational activity across the sector.

Business Today-

The index for manufacturing and extractive industries, excluding crude oil and petroleum products, reached 128.14 in March 2026, compared to 120.21 in February 2026, marking a 6.6% increase, according to a data released by the Central Agency for Public Mobilization (CAPMAS).

The food products industry index recorded 181.21 in March 2026, up from 149.08 in February 2026, reflecting a 21.55% increase, driven by higher production during seasonal and holiday periods.

Meanwhile, the chemicals and chemical products industry index rose to 119.38 in March 2026, compared to 101.89 in February 2026, posting a 17.17% increase as production expanded to meet market demand.

On the other hand, the tobacco products industry index declined to 130.34 in March 2026, compared to 147.87 in February 2026, marking an 11.86% decrease, in line with market needs.

The electrical equipment industry index also fell to 77.95 in March 2026, down from 81.81 in February 2026, recording a 4.72% decline, also reflecting market demand conditions.

Business Today-


The Central Bank of Egypt (CBE) denied reports circulating about plans to issue a new EGP 10,000 banknote, confirming that no decisions have been made regarding the launch of such a denomination.

In a statement published by the Cabinet Information and Decision Support Center (IDSC), the CBE said that there are currently no plans or studies related to introducing new paper or polymer currency denominations beyond those already in circulation in the Egyptian market.

The bank clarified that the EGP 200 note remains the highest paper currency denomination currently circulating in Egypt.

Existing paper banknotes include EGP 1, 5, 10, 20, 50, 100, and 200 denominations, while polymer banknotes are available in EGP 10 and EGP 20 denominations.

According to the statement, all circulating banknotes maintain full legal tender status and are valid for the payment of goods and services.

The IDSC urged citizens not to be misled by inaccurate information aimed at stirring public opinion and called on the public to rely on official sources for verified information.

Business Today-


Egypt’s Islamic banking sector reached EGP1.629 trillion by the end of March 2026, recording an annual growth rate of 26% compared with the same period in 2025, according to Mohamed El-Beltagy, Chairman of the Egyptian Association for Islamic Finance.

El-Beltagy said the Egyptian banking sector currently includes 14 banks licensed by the Central Bank of Egypt to offer Islamic banking products, including four fully-fledged Islamic banks: Faisal Islamic Bank of Egypt, Al Baraka Bank Egypt, Abu Dhabi Islamic Bank – Egypt, and Kuwait Finance House. Another 10 banks operate Islamic branches alongside their conventional banking services.

He added that Islamic banking assets in Egypt climbed to around EGP1.363 trillion by the end of March 2026, representing about 5.2% of Egypt’s total banking sector assets. The figure marks an increase of EGP280 billion year-on-year, also reflecting 26% growth.

The Egyptian Association for Islamic Finance also revealed that the Central Bank of Egypt issued sukuk worth EGP33 billion on behalf of the Ministry of Finance during 2025 and 2026 for subscription by Islamic banks, as part of liquidity management tools similar to treasury bills.
Total sukuk issuances in the Egyptian market reached approximately EGP237 billion by the end of March 2026, including both sovereign and corporate sukuk.

According to El-Beltagy, Egypt issued nine corporate sukuk offerings worth a combined EGP33.6 billion by the end of 2025 following the introduction of the Corporate Sukuk Law and its executive regulations in late 2018. More than five additional issuances are currently under review, alongside preparations for new offerings by major industrial and financial companies.

He also noted that Egypt launched its first sovereign sukuk in February 2023, valued at $1.5 billion under an Ijara structure, followed by a $1 billion issuance in April 2025 and another $1.5 billion issuance, bringing the total equivalent value to nearly EGP200 billion.

In addition, a local currency sovereign sukuk worth EGP3 billion was issued by the Central Bank of Egypt on behalf of the Ministry of Finance to support state budget financing programs.
El-Beltagy said Egypt’s Islamic finance ecosystem currently includes 17 Shariah-compliant investment funds, seven takaful insurance companies, and two mortgage finance firms operating under Islamic finance principles.

He added that around 10 companies operating in microfinance, consumer finance, and SME financing are currently offering Shariah-compliant products, noting that the size of non-banking Islamic financial activities — excluding sukuk — is estimated at around EGP33 billion, though the figure remains under review.

Business Today-


Egypt has successfully renewed its access to international markets despite ongoing geopolitical volatility, issuing $1 billion in social and development bonds for the first time in the Middle East and North Africa since the start of the Iran war.

The move reflects the government’s efforts to diversify its financing instruments and broaden its investor base.

The Ministry of Finance said the new eight-year issuance carried a yield of 7.6% and received strong confidence from international investors, with total orders exceeding the targeted subscription size by five times.

The proceeds from the issuance will support the expansion of development financing, particularly for projects aimed at improving healthcare and education services for citizens, while also strengthening investment in human capital.

The ministry added that Egypt is repaying more than it borrows, ensuring a reduction in the external debt balance of budgetary authorities. It noted that the government aims to reduce the external debt of budgetary authorities by around $1 billion to $2 billion annually.

The ministry also said that Egypt’s proactive approach to geopolitical tensions and global challenges has helped strengthen investor confidence and attract demand for Egyptian issuances, adding that securing external development financing in a sustainable manner supports investor trust.

Business Today-


Egypt’s Ministry of Petroleum and Mineral Resources has signed a memorandum of understanding with ExxonMobil and QatarEnergy to cooperate on maximizing the use of Egypt’s natural gas infrastructure and studying the possibility of linking it to gas discoveries in Cyprus.

The MoU aims to strengthen cooperation between Egypt and the two companies, building on Egypt’s position as a regional energy hub. It also seeks to make use of Egypt’s advanced gas infrastructure, particularly its natural gas liquefaction plants and re-export facilities, while studying the potential connection to Cypriot gas discoveries.

The agreement is expected to help maximize the economic value of gas resources and support regional integration in the energy sector.

The MoU also includes establishing a commercial framework to achieve the highest possible value from natural gas resources in both Egypt and Cyprus. This would further strengthen Egypt’s role as a key hub for energy trade and circulation in the Eastern Mediterranean, while creating shared economic benefits for all parties.

The agreement comes as part of Egypt’s efforts to reinforce its position as a regional hub for natural gas trade in the Mediterranean region.

Prime Minister Mostafa Madbouly said cooperation with major international companies in the gas sector comes within the state’s broader strategy to maximize the economic value of Egypt’s existing assets and capabilities.

He added that Egypt’s natural gas infrastructure represents an important competitive advantage, enabling the country to receive production from Cypriot discoveries and re-export it through Egypt, strengthening its role as a regional energy hub in the Eastern Mediterranean and the wider region.

Minister of Petroleum and Mineral Resources Karim Badawi said the ministry has been working with ExxonMobil during the past period to explore cooperation mechanisms that would allow the company’s gas discoveries in Cyprus to be utilized through Egypt’s infrastructure, turning these discoveries into added economic value for all parties.

Badawi noted that ExxonMobil and its partner QatarEnergy operate in both Egypt and Cyprus, which supports opportunities to increase investments in Egypt in light of the success of the regional integration model.

He added that the MoU represents a new practical step toward studying the connection of ExxonMobil’s discoveries in Cyprus to Egypt. This follows successful cooperation with Eni, Total, Chevron, and Shell to link the Cronos and Aphrodite fields to Egypt’s infrastructure.

This reflects Egypt’s openness to further partnerships with Cyprus and international companies operating in both countries, with the aim of connecting Cypriot gas discoveries to Egypt’s liquefaction plants and re-exporting them to global markets, or maximizing their use locally.

Badawi said the cooperation will create mutual benefits for all parties. It will help Cyprus and its partners accelerate the development of gas discoveries and reduce production costs, while allowing Egypt to generate economic returns from the use of its infrastructure, whether through re-export or by using incoming gas volumes to expand value-added industries.

He pointed out that Egypt has a large industrial market, particularly in sectors such as petrochemicals and fertilizers.

Business Today-


Egypt is set to receive the remaining €3 billion from the European Union’s Macro-Financial Assistance package in two tranches during 2026, Finance Minister Ahmed Kouchouk said.

Kouchouk added that Egypt has already received the first €1 billion tranche from the EU’s total €4 billion financing package, which falls under the comprehensive strategic partnership signed between Egypt and the EU in March 2024.

The expected EU financing will support Egypt’s efforts to strengthen macroeconomic stability and improve the investment climate.

The minister also noted that Egypt completed the fifth and sixth reviews of its program with the International Monetary Fund in February 2026, while work is currently underway to finalize the seventh review.

Kouchouk’s remarks came in the financial statement submitted to the House of Representatives, chaired by Counselor Hesham Badawy, for fiscal year 2026/2027.

Kouchouk said Egypt continues to receive broad support from major international financial institutions, including the World Bank, the African Development Bank, the Asian Infrastructure Investment Bank, and the Japan International Cooperation Agency. This support, he added, helps Egypt secure concessional financing and reduce funding costs.

Business Today-


President Abdel Fattah El-Sisi has issued a new presidential decree approving a concessional loan agreement between the Egyptian government and the Export-Import Bank of China worth $200 million.

The loan will be used to finance the third phase of the 10th of Ramadan City railway project, according to a presidential decree published today in the Official Gazette.

Under the terms of the agreement, the loan will be repaid to the Export-Import Bank of China in Chinese yuan, with an annual interest rate of 2%. The loan has a 20-year maturity, including a 60-month grace period.

The Export-Import Bank of China is a state-owned Chinese bank that primarily supports foreign trade, investment, and infrastructure projects, as part of China’s broader backing for the Belt and Road Initiative worldwide.

Business Today-


Egypt’s Ministry of Petroleum and Mineral Resources announced that Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation and Italy’s Eni, has made a significant new discovery in the Western Desert, the company’s largest in 15 years.

The discovery was made through the Badran South 1X exploratory well, drilled by Egyptian Drilling Company’s EDC 9 rig. Preliminary estimates indicate reserves of around 330 billion cubic feet of gas, along with 10 million barrels of condensates and crude oil, bringing total reserves to nearly 70 million barrels of oil equivalent.

The discovery is particularly important as it is located just 10 kilometers from existing facilities and infrastructure, allowing for rapid development and a faster connection to production.

The well revealed several sandstone and limestone reservoirs, with a net productive thickness of 400 feet, highlighting the discovery’s strong economic and production potential.

The ministry said the new discovery reflects the success of its efforts and incentives offered to partners to intensify exploration activities in areas near existing fields.

This approach helps identify new discoveries close to current infrastructure and production facilities, reducing the need for new infrastructure, lowering production costs per barrel, accelerating the development of new discoveries, and encouraging partners to apply the latest data collection and analysis technologies to improve exploration success rates.

Business Today-


Egypt’s Minister of Supply and Internal Trade, Sherif Farouk, met on Thursday with Alexey Gribanov, Chairman of Demetra Holding, one of Russia’s largest companies specializing in grain trading and logistics, to discuss opportunities for establishing a regional logistics hub for grain trade and storage at Egyptian ports.

During the meeting, Farouk and Gribanov discussed ways to strengthen cooperation between Egypt and Demetra Holding by expanding beyond Russian wheat supply contracts into strategic investment partnerships.

The move aims to support the stability of Egypt’s strategic supply chains and enhance the country’s efforts to build a secure and sustainable reserve of essential commodities.

The two sides also discussed mechanisms to develop the proposed logistics hub into an integrated regional center, with a role extending beyond storage and re-export activities to include value-added grain projects such as flour milling, pasta production, and other food products, in addition to edible oil and animal feed manufacturing projects.

The meeting also touched on the exchange of technical and technological expertise related to grain cultivation, storage, and handling, while benefiting from Russia’s experience in digitizing and managing the grain logistics sector.

The two sides also reviewed opportunities for joint investment in silos, collection centers, and strategic storage facilities in Egypt.

The meeting took place on the sidelines of the 5th Russian Grain Forum, held in Sochi from May 20 to 23, 2026, under the theme: “The Grain Sector in the Age of Artificial Intelligence: Productivity, Technology, and Export.”