Trading Economics-


The benchmark KOSPI climbed 5.42% to close at 8,930 on Thursday, extending gains from the previous session as semiconductor stocks rallied on renewed optimism over AI-driven demand. Investor sentiment was boosted after Micron Technology reported stronger-than-expected quarterly results and issued an upbeat revenue forecast, reinforcing expectations of robust demand for memory chips. Chip heavyweights Samsung Electronics and SK hynix advanced sharply by 5.29% and 13.91%, respectively. SK hynix also gained support from plans to raise up to KRW 45.5 trillion through a Nasdaq ADR listing to fund AI chip capacity expansion and related investments. Other gainers included SK Square (6.61%), SK Inc. (20.51%), Hyundai Mobis (1.38%), HD Hyundai Electric (1.92%), and Kia Corporation (0.7%). At the same time, improving shipping conditions in the Strait of Hormuz eased energy supply concerns and supported risk appetite across regional markets.

Trading Economics-


Bank of Japan should continue raising interest rates at intervals of a few months, board member Naoki Tamura said in a speech, arguing the policy rate should gradually move toward a neutral level of around 2%, above the current 1%. He noted inflationary pressures are likely to strengthen regardless of Middle East tensions, with higher import costs expected to pass through to consumer prices more quickly and broadly than after Russia’s 2022 invasion of Ukraine, reflecting shifts in firms’ pricing behavior. “Considering the recent increase in upside risks to prices, what I envisage as a baseline path is raising the policy interest rate by 0.25 percentage points at intervals of a few months toward the neutral interest rate level of 2%,” Tamura said. He added that if inflation risks intensify, the central bank should “accelerate the pace of rate hikes without hesitation” by increasing either the frequency or size of moves.

Trading Economics-


The Shanghai Composite rose 0.23% to close at 4,120 on Thursday, while the Shenzhen Component advanced 1.82% to 16,344, extending gains from the previous session as technology stocks resumed their rally following upbeat results from Micron Technology. The chipmaking giant's strong quarterly earnings and robust revenue forecast bolstered expectations of sustained AI-driven demand. Chinese chipmakers and tech firms outperformed, including Cambricon Technologies (3.58%), Hygon Information Technology (6.88%), SMIC (3.52%), Eoptolink Technology (9.94%), and NAURA Technology (3.63%). On the monetary policy front, the People's Bank of China announced that it will introduce overnight reverse repo operations on June 29–30 as part of the next phase of its monetary policy framework reform. The new overnight facility will complement the existing seven-day reverse repo rate of 1.4%, which remains the PBOC's primary policy benchmark.

Trading Economics-


The People's Bank of China said it will conduct overnight reverse repurchase operations on Monday and Tuesday to improve short-term liquidity management in the banking system. The move follows Governor Pan Gongsheng's remarks last week that the central bank would broaden its short-term liquidity toolkit by introducing overnight reverse repos and narrowing the interest-rate corridor for its temporary repo and reverse repo facilities. According to the PBoC, the overnight reverse repos will be carried out through fixed-rate, quantity-based bidding. Pan also said the central bank will optimize its temporary overnight repo and reverse repo operations by narrowing the interest-rate corridor to 50 basis points from 70 basis points, a step aimed at strengthening interest-rate guidance and improving the effectiveness of monetary policy implementation.

Trading Economics-


The NZX 50 rose 92 points, or 0.7%, to 13,493 on Thursday, erasing losses from the previous three sessions, mainly boosted by gains in energy, healthcare, consumer staples, and communication services. The broader index tracked a rise in US futures after Micron posted a sizeable earnings beat and a better-than-expected outlook. Easing oil prices also lifted sentiment as inflation concerns moderated, reducing expectations of an interest rate hike. However, traders remained cautious ahead of the release of the final US Q1 GDP data and the May PCE Price Index later today, which could provide clues about the Fed's monetary policy decision at its upcoming meeting. A2 Milk surged 3.3% after declaring a USD 300 million special dividend for shareholders following the clearance of Chinese regulatory hurdles. Other gainers included Fisher & Paykel Healthcare (3.2%), Skellerup Holdings (2.7%), Ebos Group (1.6%), and Hallenstein Glasson Holdings (1.5%).

Trading Economics-


Saudi Arabia’s trade surplus expanded to SAR 25.4 billion in April 2026, more than doubling from SAR 12.7 billion in the same month last year, as exports increased while imports declined. Exports rose 9.3% from a year earlier to SAR 101.2 billion, mainly driven by an 11.7% increase in oil exports, which represented 68.8% of total exports. Meanwhile, non-oil exports fell 7.3% amid a decline in shipments of plastic and rubber products (-12.4%), which accounted for 17.1% of total non-oil exports. China remained the leading destination for Saudi exports, accounting for 15.2% of the total, followed by the UAE (10.6%) and South Korea (9.7%). Imports decreased 5.2% to SAR 75.7 billion, largely due to a sharp drop in transport equipment imports (-34.1%). China also remained the largest source of imports, making up 29.4% of the total, followed by the UAE (7.9%) and the US (7.2%).

Trading Economics-


The ASX 200 slipped 60 points, or 0.7%, to close at 8,749 on Thursday, erasing modest gains from the previous session and touching its lowest level in two weeks. A stronger-than-expected rise in Australia's employment during May added weight to expectations that the Reserve Bank will keep its hawkish stance, with Deputy Governor Andrew Hauser stressing that inflation remains “too high” and that more work may be needed. Still, losses were capped by firmer U.S. stock futures after Wall Street’s third straight drop for the S&P 500 and Nasdaq, led by tech. Non-energy minerals, energy, electronic tech, and industrial services dragged, with gold miners sliding as bullion hit a seven-month low, amid steep falls from Evolution Mining (-3.9%) and Northern Star Resources (-3.1%). Also, the big four banks shed between 1.2% and 3.7%. Energy names Woodside (-3.3%) and Santos (-2.6%) dipped as oil retreated to pre-Iran war levels. Judo Capital plunged 39% after cutting its 2026 earnings outlook.

Trading Economics-


India’s BSE Sensex pared early gains to end marginally up at 77,100.5 on Thursday, extending prior session's advance, as investors reduced positions in late trade ahead of a long weekend. Buying activity was concentrated in banking and automobile stocks, while IT and metals lagged. IndiGo (+4.6%), Mahindra & Mahindra (+4.2%) and Maruti (+3.8%) were among the top gainers.. Banks continued to benefit from the RBI’s decision to allow loans against foreign currency deposits. SBI and ICICI Bank gained 1% each, Kotak Mahindra Bank rose 0.7% and HDFC Bank added 0.4%. On the flip side, Power Grid (-2.4%), BEL (-1.7%), Tech Mahindra (-1.7%), Infosys (-1.4%) and Bharti Airtel (-1.4%) posted the biggest losses. For the week, the index rose 0.4%. The stock market will be shut on Friday, June 26, in observance of Muharram.

Trading Economics-


The Ibovespa gained near 0.5% to trade above the 171,000 mark on Thursday as investors digested inflation data. Bond yields moved lower after June's mid-month inflation reading came in below market expectations, reinforcing bets that price pressures may be easing. Adding to the decline in yields,Major banks traded higher, with Itaْ, Bradesco, and Banco do Brasil up around 2%. Utilities also advanced, with Axia and Sabesp gaining nearly 2%. Other notable performers included WEG (+1%), Rede D'Or (+1%), and Embraer (+2%). Markets also assessed the BCB’s monetary policy report, which revised GDP growth forecasts higher and more directly flagged concerns over government stimulus measures. On the downside, Braskem gained 0.6% despite filling for emergency protection against creditors as talks for an out-of-court solution to its mounting debt woes hit snags.

Trading Economics-

The S&P/TSX Composite Index gained 0.5% to trade near the 35,000 mark on Thursday, supported by gains in the financial and mining sectors.Lower energy costs pushed bond yields down by easing inflation concerns, lifting financial stocks and the broader index. TD Bank, BMO, and Brookfield added around 1%. Gold prices edged higher, supporting mining shares. Agnico Eagle, Barrick, and Franco-Nevada gained nearly 2%, while WPM rose more than 1%. Meanwhile, technology stocks traded mixed after upbeat forecasts from Micron and Qualcomm pointed to resilient AI demand. Celestica added over 1% and Constellation Software rose more than 0.5%, while Shopify fell about 1%. Investors also assessed the latest minutes from the Bank of Canada, which showed policymakers agreed to keep monetary policy flexible in response to potential new US trade restrictions and shifts in energy prices.

Trading Economics-


Heavyweight tech companies in the US diverged further on Thursday as hyperscale cloud providers sank and chip producers rallied. The S&P 500 was flat and the Nasdaq 100 gained, while strength in non-tech sectors lifted the Dow to a new record of 52,500. Micron surged 15% after beating earnings and forecasting a revenue of $50 billion in the quarter to August, above the expectations, and Qualcomm jumped 10% after doubling its projection for non-handset revenue in the next three years. On the other hand, Nvidia, Oracle, Amazon, Alphabet, and Microsoft dropped more than 2% to stretch the pivot from software companies to AI infrastructure developers. Also, Apple tanked 6.5% as it was forced to raise iPad and Mac prices amid rising memory costs. Softer inflationary risks supported broader sectors as energy prices continued fall and PCE price indices were within expectations. Banking shares also rose as lenders will raise their dividends after passing the Federal Reserve's stress test.

Trading Economics-


European stocks closed higher on Thursday, gaining traction from a muted session yesterday amid fresh support from the tech sector. Euro STOXX 50 gained 0.8% to 6,263 and the STOXX Europe 600 rose 0.8% to a record high of 640. Chip stocks and companies with exposure to AI infrastructure surged following their pullback yesterday after the strong guidance by Micron in the US restored some confidence in the AI trade. ASML added 2.6% and Infineon gained 2.3%, while Siemens Energy jumped 2.5%. Meanwhile, banks also rebounded as energy prices retreated further and lowered sovereign yields in the Eurozone, supporting the outlook for credit activity. BNP Paribas and BBVA rose 1.5%. Lastly, Bayer surged close to 20%, its strongest session in 23 years after the US Supreme Court sided with the drugmaker on lawsuits concerning its Roundup weedkiller.

Trading Economics-


The FTSE 100 advanced more than 0.5% on Thursday, aligning with broader European markets. Gains were primarily driven by a global rebound in technology sentiment, strong corporate updates, and renewed takeover activity. HSBC rose 1.1%, 3i jumped 11.5%, and AstraZeneca gained 1.1%, alongside broader support from banking, mining, and consumer equities. Budget airline operator EasyJet climbed over 6% after rejecting a fourth takeover proposal from investment firm Castlelake while simultaneously extending the deadline for potential future offers. Financial giant Barclays also advanced nearly 3% following announcements that its US division exceeded mandatory capital thresholds in recent Federal Reserve stress tests. Conversely, energy majors Shell and BP finished lower, pressured by a volatile oil market that traded down for most of the session before recovering late in the UK schedule on renewed concerns over Strait of Hormuz flows.

EFG Hermes announced the successful completion of advisory services for a securitization bond issuance for Premium, totaling EGP 239 million. This is Premium's eleventh issuance and the first under EFG Hermes Securitization's fourteenth securitization program.

The portfolio-backed securitization was managed by EFG Hermes Securitization, which acted as the Special Purpose Vehicle (SPV) for the issuance.

The 36-month issuance was structured in two fixed-rate tranches: Tranche A, valued at EGP 66.9 million with a 12-month maturity and a P1 credit rating; and Tranche B, valued at EGP 172.1 million with a 36-month maturity and an A- credit rating. This transaction further strengthens EFG Hermes' ongoing activity in Egypt's debt markets, where securitization remains a crucial financing tool for companies seeking to diversify their funding sources and free up liquidity from their receivables portfolio.

Leveraging its expertise in advisory, structuring, and execution, EFG Hermes continues to support companies in finding financing solutions that align with investor needs and market developments.

In this context, Mai Hamdy, Executive Director of Debt Markets at EFG Hermes' Investment and Underwriting division, expressed her satisfaction with the continued partnership with Premium, highlighting the successful completion of its eleventh issuance and the first under EFG Hermes' fourteenth securitization program.

Hamdy emphasized that this issuance reflects the continued demand for well-structured debt instruments backed by high-quality receivables. She added that the company remains focused on providing practical financing solutions that support clients' needs while contributing to the development and deepening of Egypt's debt markets. It is worth noting that EFG Hermes acted as the sole financial advisor, sole lead manager, bookrunner, underwriter, and arranger for the issuance.

EG Bank acted as the underwriter and subscription receiver, while the Arab African International Bank (AAIB) served as the custodian.

Furthermore, El-Derini & Partners acted as the legal advisor for the issuance, and KPMG served as the auditor.

- Dr. Islam Azzam, Chairman of the Financial Regulatory Authority:

• We are keeping pace with best international practices and recommendations to support the sector's efficiency and attractiveness to investment.

• The decision aims to ensure integration between reinsurance and risk management and contributes to improving governance levels.
- Companies are required to develop a comprehensive reinsurance policy and prepare a program commensurate with their capital and business volume.
- Proactive and periodic procedures for risk assessment and management, primarily stress testing, and the development of contingency plans.

- A three-month grace period is granted for companies to comply and submit the required policy to the Authority.

The Board of Directors of the Financial Regulatory Authority, chaired by Dr. Islam Azzam, issued a decision obligating insurance companies to adhere to certain regulatory standards related to reinsurance. This decision complements the executive framework of the Unified Insurance Law No. (155) of 2024, aiming to enhance the efficiency of risk management in companies operating within the insurance sector.

The new decision, No. (98) of 2026, was recently published in the Official Gazette and includes a set of obligations for managing reinsurance operations as a key tool for transferring and distributing risk. This supports the financial solvency of insurance companies, reduces the risk of financial distress, enhances protection for policyholders and beneficiaries, and ensures the sustainability and growth of the sector.

Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, stated that the decision reflects the Authority's strong focus on the insurance sector. The Authority aims to keep pace with global changes and best practices and recommendations issued by the International Association of Insurance Supervisors (IAIS) to improve the efficiency of reinsurance and increase the sector's overall investment attractiveness.

He added that the standards set by the Authority represent one of the most important technical tools for risk management. They are linked to the development of a coherent reinsurance policy that clarifies the reasons for resorting to reinsurance as a means of transferring risk and its economic feasibility for the company. This includes the company's risk appetite and portfolio diversification according to the types of risks it faces, its ability to bear the credit risks it incurs as a result of its dealings with reinsurance companies, the target markets for reinsurance operations, the criteria for selecting reinsurers, the circumstances under which it utilizes external parties such as reinsurance brokers or general management agents and the criteria for their selection, and the procedures to be followed for managing the liquidity risk associated with reinsurance contracts.

Dr. Islam Azzam explained that all insurance companies must provide the Authority with their reinsurance policy and any amendments thereto, as well as details of their reinsurance program, within a maximum of two months from the date of its preparation or renewal. They must also verify the efficiency and effectiveness of the policy's implementation and review it periodically.

The decision requires insurance companies to prepare reinsurance programs commensurate with their business size and capital, specifying risk retention limits and maximum financial liabilities that can be sustained. This contributes to achieving a balance between business expansion and maintaining the companies' financial stability.

To enhance companies' resilience to crises and exceptional circumstances, the decision mandates that companies establish comprehensive procedures for managing reinsurance risks. These procedures include periodic risk reviews, the development of contingency plans to address reinsurers' defaults or bankruptcies, and the conduct of stress tests and various scenarios to assess the impact of potential risks on companies' financial positions and capital requirements. This also involves identifying, monitoring, evaluating, and controlling risks, and developing the necessary contingency plans to address them.

Furthermore, the decision includes several controls to enhance transparency and governance. These include clear terms for reinsurance contracts, provisions to be followed in the event of bankruptcy of any party, and a requirement for companies to provide the Authority with reinsurance agreements and related data and statistics. This enables the Authority to monitor concentration and credit risks associated with reinsurers and take the necessary supervisory actions in a timely manner. The decision enhances the role of insurance company boards of directors in supervising and periodically reviewing reinsurance policies and programs, while obligating companies to notify the Authority of any material amendments or deviations in implementation, in support of the principles of governance, internal control and risk management. The decision grants insurance companies a three-month grace period ending on September 18, to adjust their situations and provide the Authority with the approved reinsurance policies.

Youm7-

The Chamber of Souvenirs and Antiquities held its general assembly meeting today, chaired by Ali Ghoneim, the Chamber's president and a member of the board of directors of the Federation of Tourist Chambers, to elect a member to fill the vacant seat on the board of directors. This election was held to complete the current board term, which runs from 2023 to 2027. The vote resulted in the election of candidate Mohamed Hussein to the board.

Election Details

The elections were conducted under the supervision of a judicial committee headed by Counselor Sherif Shehab, Vice President of the State Council, and including Mohamed Mounir, representative of the Cabinet, and Counselor Mohamed Ashraf, legal advisor to the Ministry of Tourism and Antiquities.

The election process was attended by several officials from the Ministry of Tourism and Antiquities, including Mohamed Amer, Head of the Central Administration for Hotel Establishments, Shops, and Tourist Activities; Mohamed Galal, Director of the Department of Souvenirs and Antiquities; Aya Attallah, Basant Mostafa, and Asmaa Fathallah, representatives of the Ministry; and Hussein Abdel Maksoud Ismail, secretary of the committee.

Three candidates vied for the seat: Mohamed Hussein, Hani Ezzat, and Hassan Fayez. The voting results saw Mohamed Hussein emerge victorious with 57 votes out of a total of 70 valid votes, with no invalid votes cast.

Chamber of Tourist Goods and Antiques

Ali Ghoneim, Chairman of the Chamber of Tourist Goods and Antiques, congratulated the winning candidate, emphasizing that the elections were conducted in an atmosphere of transparency, integrity, and equal opportunity for all candidates, under full judicial supervision. This reflects the Chamber's commitment to upholding democratic practices and enhancing member participation in managing the sector's affairs.

Ghoneim indicated that the Board of Directors will continue its efforts to fulfill the aspirations of the General Assembly and provide a suitable working environment to serve Egyptian tourism. He added that joint work will continue with the Ministry of Tourism and Antiquities and all relevant state entities to maximize tourism revenue, increase inbound tourism, and implement the Egyptian Tourism Strategy 2030.

Ghoneim also expressed his gratitude to President Abdel Fattah El-Sisi, who gives great attention to the tourism and travel sector, and to Prime Minister Dr. Mostafa Madbouly, who continues to support tourism and directs the removal of all obstacles to the operation and growth of tourism investment and the welfare of workers in the sector. He also thanked Sherif Fathy, Minister of Tourism and Antiquities, for his attention to the tourism retail sector and his commitment to meeting the needs of all those working in the sector.

Al MAl-

Soha El-Turky, Executive Vice President of the National Bank of Egypt (NBE), confirmed that the bank's total balance sheet amounts to approximately EGP 10 trillion, while its loan portfolio reaches around EGP 5 trillion, distributed among financing for individuals, companies, and small and medium-sized enterprises (SMEs).

During her participation in the celebration marking 20 years of the French Development Agency's (AFD) operations in Egypt, she added that the SME financing portfolio is approximately EGP 200 billion, while the personal financing portfolio exceeds EGP 400 billion, reflecting the pivotal role the bank plays in supporting various economic sectors.

She further stated that women's empowerment is a key priority for the bank, with approximately 70% of SME financing going to women entrepreneurs, while women account for about 50% of the training programs and non-financial services offered by the bank.

El-Turky said that the bank adopts a developmental approach alongside its commercial banking role, as a state-owned institution striving to support the national economy and promote inclusive growth by directing financing to priority sectors and providing programs that contribute to skills development and capacity building. She emphasized the importance of partnerships with international financing and development institutions, noting that the National Bank of Egypt has maintained a long-standing cooperative relationship with the French Development Agency (AFD) since 2011, through financing and development programs aimed at supporting priority sectors in the Egyptian economy.

She explained that these partnerships include access to concessional loans, technical assistance, and grants that contribute to enhancing clients' capabilities and expanding the range of services offered to them. She affirmed that major banks play a pivotal role in disseminating the impact of development financing to a broad base of beneficiaries, thanks to their in-depth knowledge of the local market and client needs.

Strategic vision based on developing digital infrastructure, building human capital, and fostering a business environment that supports investment and innovation is among the key success factors

The Egyptian Cabinet’s Information and Decision Support Center (IDSC) has released a new analysis on the outsourcing industry, highlighting that it has become one of the most attractive sectors for investment and job creation amid the rapid transformations taking place in the global digital economy. The analysis noted that multinational companies are no longer focused solely on reducing operating costs; they are increasingly seeking access to skilled talent and technological capabilities that enable the delivery of high-value services across borders.

The report explained that outsourcing involves assigning certain tasks or services to specialized external providers with the expertise and efficiency required to perform them. Companies and institutions rely on outsourcing to reduce operating costs, improve service quality, and leverage specialized expertise, allowing them to focus on their core activities and strengthen their competitiveness.

The expansion of digital transformation and advancements in information and communications technology (ICT) have significantly increased global demand for outsourcing services across a wide range of areas, including contact center services, software development, data analytics, and financial and professional services. As a result, outsourcing has become one of the main drivers of the global digital economy.

Within this context, Egypt has emerged as a rising destination in the global outsourcing market, benefiting from a large youth population, advanced digital infrastructure, and a strategic geographic location connecting European, Asian, and African markets. According to World Bank data and the World Development Indicators (WDI), Egypt’s services sector maintained its position as the largest contributor to GDP, accounting for approximately 48.9% of GDP in 2024. This importance is further reinforced by the rapid growth of modern service activities, particularly outsourcing and digital service exports.

Egypt’s outsourcing industry has experienced remarkable growth in recent years, reflecting its increasing role as a promising pillar of the digital economy. The sector now includes more than 240 companies operating around 270 outsourcing service centers and providing approximately 181,000 jobs. Additionally, memoranda of understanding have been signed with 55 international and local companies, reflecting growing investor confidence in the Egyptian market and its potential to become a regional outsourcing hub.

The analysis reviewed the concept of outsourcing according to the Organisation for Economic Co-operation and Development (OECD), defining it as the procurement of goods or services produced outside an organization’s boundaries by another entity, either domestically (domestic outsourcing) or internationally. Offshore outsourcing refers to obtaining goods or services from outside the country where the organization is located. This can take two forms: internal offshore outsourcing, where activities are transferred to foreign subsidiaries while retaining ownership and control, and contractual offshore outsourcing, where production or services are assigned wholly or partially to an independent foreign company without ownership ties to the parent organization.

The report noted that companies pursue outsourcing not only to reduce costs but also to achieve strategic objectives such as improving operational efficiency, reducing risks, and supporting sustainable growth. By working with specialized service providers, organizations gain access to advanced expertise without bearing the ongoing costs of recruitment and training. Outsourcing also offers flexibility in responding to fluctuations in demand and market conditions, enabling firms to scale operations up or down as needed.

Moreover, outsourcing allows organizations to focus on their core business priorities rather than administrative and operational tasks, enhancing productivity and competitiveness. It also improves service quality and continuity through reliance on specialized providers operating under defined performance standards, while supporting regulatory compliance and risk management in an increasingly complex legal environment.

The analysis emphasized that, amid the global shift toward a digital services economy, international confidence indicators have become important tools for measuring countries’ attractiveness in the outsourcing sector. One such measure is the Offshore CX Confidence Index 2025, published jointly by Cognitive Copy and Ryan Strategic Advisory. The index evaluates the attractiveness and effectiveness of offshore and nearshore locations for customer experience management, contact center services, and business process outsourcing (BPO).

Based on a survey conducted in September and October 2025 among executives, managers, and operational leaders in the customer experience (CX) and outsourcing industries, Egypt achieved a high confidence score of 80.9%, reflecting its growing appeal as a destination for outsourcing and customer experience services. This performance is attributed to its young, multilingual, and cost-competitive workforce, along with strong infrastructure, a robust commercial real estate market, and high levels of security and operational stability.

Egypt recorded particularly strong results in:

Security and safety: 90.2%
Infrastructure: 86.9%
Labor market: 84.1%
Commercial real estate: 84.2%
Industry environment: 81.5%

Survey participants highlighted Egypt’s ability to provide services in multiple languages and its cultural proximity to European and North American markets as important competitive advantages.

The report also noted that India remains the global benchmark in outsourcing and customer experience services, ranking first in the Offshore CX Confidence Index 2025 with a score of 93.9%, compared with Egypt’s seventh-place ranking at 80.9%. India’s success demonstrates the value of integrating human talent with advanced technologies, particularly artificial intelligence and automation. Egypt can benefit from this model by accelerating AI adoption in outsourcing services and expanding specialized digital training programs to increase the value-added content of its service exports.

The analysis further emphasized that Egypt’s success in attracting outsourcing investments is supported by a comprehensive institutional framework led by the Ministry of Communications and Information Technology. The Information Technology Industry Development Agency (ITIDA) plays a central role in promoting Egypt as a global outsourcing destination, offering incentives to companies and supporting digital exports. Other institutions, including the General Authority for Investment and Free Zones (GAFI), the National Telecommunication Institute, and Egyptian universities, contribute to strengthening the business environment and developing qualified talent.

The Egyptian government has increasingly prioritized the outsourcing sector as a key engine of economic growth and digital export expansion. Efforts are focused on attracting foreign investment, expanding partnerships with leading global companies, developing technology parks, and creating a supportive business environment for the industry.

The Ministry of Communications and Information Technology also supports the sector through policies and programs aimed at enhancing competitiveness and attracting investment. This includes upgrading ICT infrastructure, expanding technology parks across governorates, and encouraging companies to establish research and development centers and shared services centers in Egypt.

In addition, the government continues to invest in human capital through training initiatives implemented in cooperation with major international companies and institutions. These initiatives include specialized training programs and digital learning solutions designed to equip young people with the technical and digital skills required by the global outsourcing industry.

Egypt aims to increase outsourcing service exports from approximately $5.2 billion to $6 billion in 2026, while expanding into high-value-added activities such as electronics design and semiconductor-related services. These efforts reflect the government’s vision of enhancing the competitiveness of Egypt’s digital economy, creating quality employment opportunities, and increasing the contribution of the ICT sector to national economic growth.

The analysis concluded that Egypt’s emergence as a regional outsourcing hub is not solely the result of traditional advantages such as low costs and strategic location. Rather, it stems from a comprehensive strategic vision centered on developing digital infrastructure, building qualified human capital, and fostering an investment- and innovation-friendly business environment. These efforts have contributed to rapid growth in digital exports, expansion by multinational companies operating in Egypt, and improvements in Egypt’s rankings in international competitiveness indicators.

Maintaining and strengthening this position will require continued investment in advanced digital skills—particularly in artificial intelligence, cloud computing, cybersecurity, and data analytics—alongside greater support for innovation, entrepreneurship, and digital competitiveness. As the global outsourcing industry shifts from cost-based competition toward knowledge- and value-based competition, Egypt has a significant opportunity to evolve from a destination for outsourcing services into a regional and global hub for producing and exporting advanced digital services, thereby supporting economic development goals and enhancing the country’s role in the global digital economy.

Ambassador Hamdi Shaaban, Ambassador of the Arab Republic of Egypt to the Russian Federation, received Mr. Boris Titov, Special Representative of the Russian President for Interaction with International Organizations on Sustainable Development Goals, at the Egyptian Embassy in Moscow.

The meeting included a comprehensive review of the progress made in implementing the UN 2030 Agenda for Sustainable Development. The two sides also discussed the most pressing current challenges and future plans aimed at advancing sustainable development.

Ambassador Shaaban and the Russian official also discussed ways to enhance bilateral coordination between Cairo and Moscow at the international level, with the goal of combining efforts within international organizations to promote the achievement of the Sustainable Development Goals and address development gaps globally.

At the conclusion of the meeting, both sides emphasized the importance of continuing joint diplomatic coordination in international forums, reflecting the depth of the strategic relations between Egypt and Russia.

In pursuit of social and national goals by unifying official holiday dates nationwide...

- Minister of Labor: Thursday, July 2, 2026, is an official paid holiday for private sector employees on the anniversary of the June 30 Revolution.

- Employees are entitled to double their pay or a substitute day off if required to work on the holiday. A circular has been issued to labor directorates to monitor the implementation of the holiday.

Minister of Labor Hassan Radad announced that private sector employees covered by the provisions of Labor Law No. 14 of 2025 will be granted an official paid holiday on the anniversary of the June 30 Revolution, on Thursday, July 2, 2026, instead of Tuesday, June 30, 2026.

The Minister explained that the decision comes in implementation of Article 129 of Labor Law No. 14 of 2025, which stipulates that employees have the right to paid leave on holidays, festivals, and occasions designated by a decision of the competent minister. This also aligns with the goal of unifying official holiday dates for employees in various sectors of the state whenever possible, in order to achieve the social and national objectives of these occasions and holidays. Officially, in light of Prime Ministerial Decree No. 1986 of 2026, which stipulated that Thursday, July 2, 2026, would be an official paid holiday in ministries, government departments, public authorities, local government units, public sector companies, and public business sector companies... The Minister indicated that the holiday includes employees subject to the provisions of the Labor Law, with examinations – if any – continuing according to the dates set by the competent authority.

The Minister affirmed that an employer may require an employee to work on this day if work circumstances necessitate it. In this case, the employee is entitled, in addition to their regular pay for that day, to double that pay, or to be granted another day off in lieu thereof, based on a written request from the employee to be filed in their personnel file. The Ministry of Labor issued Circular No. 18 of 2026 regarding the regulation of granting this holiday to private sector employees, directing all labor directorates in the governorates and heads of central departments within the Ministry to monitor its implementation and disseminate its provisions to workplaces and production sites to ensure awareness of its content and its enforcement. The Ministry of Labor emphasized its commitment To apply the provisions of the law regulating official holidays in a way that achieves a balance between the interest of work and the rights of workers, and ensures the standardization of official holiday dates at the state level.

Spain tops the list of fastest-growing markets for Egyptian food exports during the first four months of the year, while Saudi Arabia remains the largest importer.

Egyptian food industry exports grew by 7.1% during the period from January to April 2026, reaching approximately $2.43 billion, compared to $2.27 billion during the same period in 2025. This reflects the continued strength of the sector in international markets and its ability to achieve sustainable growth despite global trade challenges.

The Food Export Council stated that several key markets performed remarkably well during the first four months of this year. Spain topped the list of fastest-growing markets, with Egyptian exports to the country increasing from $51 million to $103 million, a growth rate of 103%.

The Council explained that Saudi Arabia maintained its position as one of the largest importers of Egyptian food industry exports, with exports to the Kingdom rising from $177 million to $213 million, a growth rate of 21%. The council added that exports to Palestine rose from $55 million to $81 million, a growth rate of 47%, while exports to China increased from $58 million to $82 million, a growth rate of 42%. This reflects the expanding Egyptian presence in diverse markets within the Arab region and Asia.

The council noted that the British market recorded strong growth, with exports to the United Kingdom rising from $38 million to $61 million, a growth rate of 61%. Exports to Jordan increased from $90 million to $110 million, a growth rate of 22%, and exports to Iraq increased from $69 million to $87 million, a growth rate of 26%.

The council also pointed out that exports to the United States rose from $144 million to $160 million, a growth rate of 11%, and exports to Yemen increased from $39 million to $50 million, a growth rate of 29%. Tunisia achieved remarkable growth of 77%, with exports to the country rising from $13 million to $22 million. The Export Council for Food Industries confirmed that these markets collectively accounted for approximately 40% of total Egyptian food industry exports during the period from January to April 2026, amounting to $969 million, compared to $734 million during the same period in 2025, representing an increase of approximately $235 million.

The Council emphasized that these indicators reflect the ability of Egyptian companies to enhance their competitiveness in foreign markets and expand the distribution of Egyptian food products, thus supporting the state's objectives of increasing exports and maximizing returns from value-added production sectors.

The General Authority for the Suez Canal Economic Zone (SCZone) received a high-level delegation from the Republic of Madagascar at its headquarters in the New Administrative Capital. The delegation was headed by Ms. Joselle Ravidi, CEO of the Economic Development Board of Madagascar (EDBM), and included representatives from the Board, the Ministry of Industrialisation and Private Sector Development of Madagascar, and the Public-Industrialisation and Financial Sector Support Project (PAISF). The visit aimed to strengthen joint economic and investment cooperation and to highlight the investment opportunities offered by the SCZone in various industrial and logistics sectors. The delegation was received by Captain Ahmed Gamal, Vice Chairman of the SCZone for the Southern Region, Mr. Mostafa Sheikoun, Vice Chairman of the SCZone for Investment and Promotion, and several other senior SCZone executives.

During the meeting, the SCZone's key competitive advantages were reviewed, including its ports and their integration with industrial zones, its modern infrastructure, its diverse investment incentives, and the targeted industrial and service sectors for localization and development. The advantages offered by various trade agreements, which grant investors access to regional and global markets, were also discussed, enhancing the Suez Canal Economic Zone's position as a global industrial and logistics hub attractive to investment. Discussions also addressed the delegation's inquiries regarding the one-stop shop service, the regulatory and legislative frameworks within the Suez Canal Economic Zone, and mechanisms for cooperation with Egyptian and foreign industrial developers.

Following the meeting, the delegation toured the integrated industrial zone in Ain Sokhna, visiting several projects and development areas within the Suez Canal Economic Zone. The tour began with a visit to Ain Sokhna Port to learn about its operational and logistical capabilities and its pivotal role in supporting regional and international trade. The tour also included a visit to Ecobat Industrial Development Company, operating under the main development company, followed by visits to the TEDA Royal Customs Warehouses project and Borex Glass Limited, both operating under the TEDA Egypt industrial developer. This reflects the integrated system of operations between the ports and industrial zones under the Suez Canal Economic Zone Authority.

Youm7-

We are working to develop resources by stimulating production and supporting exports of goods and services.

Minister of Finance Ahmed Kouchouk affirmed that the Egyptian economy is in a better position and that reform is an ongoing process to ensure sustainable growth and development. He explained that our primary concern is ensuring that real economic growth translates into improved living standards for citizens.

In an open dialogue with a number of investors during a meeting with Société Générale Bank in Paris, the Minister added that we are working to develop resources by stimulating production and supporting exports of goods and services. He pointed out that we are striving to develop the business environment with a high degree of flexibility, facilitation, and simplification of tax, customs, and real estate regulations, in a way that contributes to attracting more local and international investments.

The Minister explained that our economy is large and diversified, offering attractive opportunities for private investment in priority sectors. He noted that Egypt has led Africa in net foreign direct investment for five consecutive years.

Kouchouk stated that the period from July to March witnessed positive indicators: private investments are increasing, manufacturing industries are recovering, and non-oil exports are rising.

The Minister added that international indicators are improving, but we need to maintain this momentum to have a greater impact on the economy and people's lives. He emphasized that we are committed to maintaining a balance between improving financial performance and economic activity to strengthen our partnership with the private sector.

The Minister indicated that this year's financial performance indicators will exceed targets despite global and regional economic challenges. We expect the primary surplus to reach approximately 4.7% of GDP, and the overall budget deficit not to exceed 6% of GDP. He noted that this strong financial performance is due to robust growth in tax revenues, with no new burdens, by 29% during the 2025/2026 fiscal year.

The Minister affirmed that we are working to improve the financing structure and rely more heavily on concessional and innovative financing with strong social and economic returns. He explained that we are striving to create additional fiscal space by achieving a large primary surplus and expanding the tax base, which will then be reinvested in human and economic development.

Youm7-


Balancing Economic Stimulation with Financial Discipline and Stability

Priority: Expanding the Economic, Productive, Export, and Tax Bases to Increase State Revenues

Minister of Finance Ahmed Kouchouk affirmed that Egypt's fiscal policy has become more effective in driving economic growth and development. He explained that the government is working to balance stimulating economic activity with maintaining financial discipline and stability, emphasizing that the priority is expanding the economic, productive, export, and tax bases to increase state revenues.

During his meeting with David Amiel, French Minister of Accounts and Public Revenues, on the sidelines of the Paris Forum, the Minister stated that Egypt has begun a new chapter of trust-based partnership with investors through successive packages of tax and customs incentives that address practical challenges. He noted that the private sector has been more responsive to economic and financial policies and reforms, injecting investments at a growth rate of 73% in the last fiscal year.

The Minister added that they are working to leverage technology and artificial intelligence to improve and streamline services provided to the business community and citizens, noting that strong investment in human capital will remain the most important element in any reform or development process to ensure positive and sustainable results.

The Minister explained that they are entering the new budget with strong economic and financial performance, having achieved a significant primary surplus, a decline in the overall budget deficit, and a downward trajectory in the debt-to-GDP ratio.

The Minister indicated that they aim to cooperate with France to exchange expertise in expanding the tax base and simplifying and facilitating tax and customs procedures, pointing out that they look forward to benefiting from the French experience in digitizing and simplifying government procurement procedures.

Business Today-


The Financial Regulatory Authority (FRA) has approved the registration of EGY SERV and Egyptian International in the register of companies authorized to collect receivables on behalf of entities operating in non-banking financial activities.

The two companies are the first to join the newly established register, which was introduced to regulate the financial receivables collection sector.

The move comes as part of the implementation of FRA Board Resolution No. 278 of 2025, which established a dedicated register for collection companies. Under the resolution, entities operating in non-banking financial activities will no longer be permitted to engage any company that is not registered with the FRA once the compliance grace period ends on 22 July.

Dr. Islam Azzam, Chairman of the Financial Regulatory Authority, said that the commencement of company registrations marks an important step toward establishing a comprehensive regulatory and supervisory framework for financial receivables collection activities. He noted that the framework will help strengthen governance, professional discipline, and trust among all market participants.

Azzam added that the FRA continues to develop legislative and regulatory frameworks for non-banking financial activities in line with the rapid developments in financial markets. These efforts aim to strike a balance between supporting the growth of financial activities and protecting the rights of customers and market participants.

He explained that the new regulations are designed to organize the receivables collection market and introduce clear standards for conducting the activity, helping curb unregulated practices and enhance oversight of entities operating in the sector.

Under the resolution, companies seeking registration must submit an application to the FRA along with documents demonstrating that they meet all registration requirements. These include the company’s articles of association, approved financial statements, and previous contracts related to collection services. The FRA will decide on each application within no more than 30 days from the date all required documents are completed and submitted.

The FRA requires applicants to be established in one of the legal forms permitted for commercial companies and to include financial receivables collection among their stated business purposes. The company’s issued and paid-up capital must not be less than EGP 10 million, or its equivalent in foreign currency, while shareholders’ equity must not be less than EGP 20 million.

The resolution also allows the registration of companies that do not meet the minimum equity requirement, provided they have been operating in the receivables collection business for at least three years before applying for registration. In all cases, the company’s shareholders’ equity must not be lower than its paid-up capital.

Registration in the register is valid for three years and may be renewed for similar periods, provided that the company continues to meet all registration requirements and submits its renewal application at least three months before the expiry of its registration period.

The regulations require registered companies to adhere to principles of integrity, honesty, and professionalism, and prohibit them from engaging in any practices that may harm customers or the entities they deal with. Their activity is restricted to collecting financial receivables and does not permit them to carry out any financing activities.

The FRA has also established clear collection mechanisms. Companies are prohibited from depositing collected amounts into their own accounts and are required to use approved non-cash payment methods or cheques issued in favour of the creditor. These measures are intended to enhance transparency and reduce operational risks.

The resolution further emphasizes the protection of customer data by requiring collection companies to preserve the confidentiality of information and refrain from using or disclosing it except within the limits permitted by law. Registered companies must also submit semi-annual reports to the FRA covering their business results, contracted entities, values of collected amounts, and the collection methods used.

Entities operating in non-banking financial activities are required to inform their customers of the details of the collection companies they contract with, including ways to verify the identity of collection representatives and official communication channels. They must also monitor complaints and take the necessary corrective action.

The resolution grants the FRA Chairman the authority to take administrative measures against non-compliant companies, including issuing warnings, imposing temporary suspension, or permanently removing a company from the register, ensuring adherence to the regulations and protection of market participants’ interests.

Business Today-


Egypt’s economy expanded by 5.1% during the first nine months of the current fiscal year, with full-year growth expected to reach between 4.9% and 5%, Minister of Planning and Economic Development Ahmed Rostom said during a meeting with members of the Coordination of Youth Parties and Politicians (CPYP).

Rostom said growth is projected to accelerate to between 5.2% and 5.4% in the next fiscal year, supported by structural reforms, stronger public investment governance and expanded private-sector participation.

The meeting was held to mark the eighth anniversary of the CPYP and was attended by MP Akmal Nagaty, Coordinator of the CPYP Parliamentary Bloc in the House of Representatives, Mohamed Azmy, Deputy General Rapporteur of the Coordination, and several members of the House of Representatives and Senate.

Rostom said the government remains committed to maintaining dialogue with different political forces and engaging society on developments in the Egyptian economy, while exploring innovative solutions to challenges facing sustainable development.

He reviewed the latest macroeconomic indicators and the results of structural reforms, noting that ongoing coordination among government entities is aimed at accelerating the implementation of Egypt Vision 2030 targets.

The minister said the new fiscal year’s economic and social development plan was prepared amid heightened regional and global uncertainty. The government, he added, has increased investments in human development sectors, particularly healthcare, education and capacity building, while taking measures to limit the impact of global supply chain disruptions on the prices of essential goods.

Rostom highlighted the ministry’s partnership with civil society, pointing to the “Sharek” digital platform and the “Citizen’s Plan,” which allow citizens to follow ongoing development projects. He also referred to participatory budgeting mechanisms implemented in cooperation with the Ministry of Finance to involve local administrations in setting development priorities across governorates.

He said Egypt had addressed successive crises since the COVID-19 pandemic in 2020 through data-driven and evidence-based policies, helping strengthen the economy’s resilience and make better use of capacity across productive sectors.

The government is also coordinating fiscal and monetary policy to develop proactive scenarios for containing inflation, while expanding local manufacturing and import substitution, Rostom said.

He added that public investment governance efforts focus on prioritising projects nearing completion to enable them to enter service quickly, while creating more space for domestic and foreign private-sector participation in the economy.

The meeting also addressed entrepreneurship support. Rostom referred to the role of the Ministerial Group for Entrepreneurship, chaired by Deputy Prime Minister Dr Hussein Eissa, in preparing an executive programme and institutional framework to support the knowledge economy and innovation.

On digital transformation, the minister said the ministry had made significant progress in electronically linking the systems of the Ministry of Planning, the Ministry of Finance and the National Investment Bank. The integration is expected to improve the efficiency of public spending, in line with Egypt’s plans to expand data centres and support the digital and green economy.

He added that new phases of the National Initiative for Smart Green Projects are also being launched.

Business Today-


Egypt’s House of Representatives has given final approval to the state budget for fiscal year 2026/27, with total budget uses estimated at EGP 8.176 trillion.

The approval came during Monday’s plenary session chaired by Speaker Hisham Badawy. The budget aims to increase spending on essential services, social protection programmes and public investment, while meeting the state’s financial obligations.

Under the first article of the budget law, total revenues, borrowing proceeds, financial asset sales and other sources are estimated at EGP 4.175 trillion for FY2026/27.

Total expenditure is projected at EGP 5.178 trillion, up from EGP 4.574 trillion in the previous fiscal year.

The spending plan allocates EGP 822.8 billion for wages and employee compensation, while interest payments are set at EGP 2.419 trillion, compared with EGP 2.298 trillion in FY2025/26.

Subsidies, grants and social benefits are budgeted at EGP 832.3 billion, up from EGP 742.5 billion a year earlier. Other expenditure is set at EGP 261.1 billion, compared with EGP 201.8 billion in the previous budget.

Public investment, classified as purchases of non-financial assets, is projected to reach EGP 553.7 billion, up from EGP 434.9 billion in FY2025/26.

Appropriations for the acquisition of domestic and foreign financial assets are estimated at EGP 190.3 billion, compared with EGP 172.8 billion in the previous fiscal year.

Meanwhile, allocations for the repayment of domestic and external loans are set at EGP 2.808 trillion, up from EGP 2.085 trillion in FY2025/26, an increase of around EGP 723.3 billion.

The higher debt repayment allocation reflects the government’s continued commitment to meeting its financial obligations and reducing the burden of public debt.

Business Today-


Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across renewable desalination, green data centres, solar and wind power, energy storage and related infrastructure.

The plan was outlined during a meeting between Prime Minister Mostafa Madbouly and Scatec executives at the government headquarters in the New Administrative Capital. The meeting was attended by Electricity and Renewable Energy Minister Mahmoud Esmat, Norwegian Ambassador to Egypt Erik Husem, Scatec CEO Terje Pilskog and Scatec MENA Executive Vice-President Mohamed Amer.

Madbouly said Egypt values its strategic partnership with Scatec and the company’s role in expanding renewable energy capacity in the country. He noted that Scatec’s projects support Egypt’s plans to increase the share of clean energy in its power mix, strengthen energy security, reduce carbon emissions and maximise the use of available natural resources.

The prime minister highlighted progress on Scatec’s Obelisk solar project in Qena, where the company is nearing completion of the second phase.

Scatec executives said the company’s current and planned project portfolio in Egypt represents around $5 billion in investments across renewable energy, battery storage and industrial infrastructure.

The Obelisk project is among Africa’s largest solar and battery-storage developments, with planned capacity of 1.1 GW of solar power and 200 MWh of battery energy storage. The first phase, comprising 500 MW of solar capacity and 200 MWh of storage, has already entered operation, while the second phase is expected to come online by the end of the month.

The company also reviewed its Energy Valley project, which is planned to include 1.75 GW of solar generation and 4 GWh of battery storage. The project is designed to provide stable clean electricity around the clock, supporting industrial expansion, attracting investment and improving Egypt’s economic competitiveness.

Other projects discussed included the 900 MW Shadwan wind farm in Ras Shukeir and the Dandara solar project, which is set to supply Egypt Aluminium with 1 GW of solar power and 200 MWh of battery storage.

The Dandara project is expected to help Egypt Aluminium maintain the competitiveness of its exports to European markets and support compliance with the European Union’s Carbon Border Adjustment Mechanism.

Electricity Minister Mahmoud Esmat described Scatec as an important strategic partner for Egypt’s electricity and renewable energy sector, noting that the ministry is closely monitoring the implementation of the company’s projects.

Scatec said Egypt has become one of its most important strategic markets globally, citing the country’s investment opportunities, progress in project delivery and continued government support. The company reaffirmed its commitment to accelerating implementation and meeting all contractual obligations according to agreed timelines.

Norwegian Ambassador Erik Husem said Norway supports Scatec’s projects in Egypt, reflecting confidence in the Egyptian market and the role of the projects in advancing clean energy and economic development.

Business Today-

Dana Gas has announced the full settlement of all outstanding receivables owed by the Egyptian government, following additional payments of AED 79 million ($21.5 million). The company said that regular payments are continuing, reinforcing its confidence in maintaining and expanding its investments in Egypt.



In a disclosure to the Abu Dhabi Securities Exchange, Dana Gas said that recent drilling results in Egypt exceeded expectations. Its latest wells revealed estimated gas resources of 10 billion cubic feet, significantly higher than initial estimates of 3 billion cubic feet. The company also identified the potential for a further 12 billion cubic feet of future gas resources within its Nile Delta concession area.



The settlement of overdue receivables, together with the regularisation of government payments, has strengthened Dana Gas’ confidence in continuing its investment programme in Egypt. This comes as the government steps up efforts to support exploration and production activities, increase domestic gas output, and reduce reliance on liquefied natural gas imports.



Dana Gas is continuing its $100 million investment programme, aimed at stabilising production and returning it to a growth trajectory. Average production in Egypt rose by 4% year-on-year during the first quarter of 2026 to 13,060 barrels of oil equivalent per day, marking the company’s first production growth in Egypt since 2017.



During 2025, the company drilled four wells and completed workovers on three additional wells, adding around 30 million standard cubic feet per day to production and increasing reserves by 36 billion cubic feet.



Richard Hall, Chief Executive Officer of Dana Gas, said that the full settlement of outstanding receivables and the return to timely, full payments represented a significant development that gives the company greater confidence to continue investing in Egypt.



He added that the latest drilling results had substantially exceeded expectations, highlighting the quality of Dana Gas’ concession areas and the scale of development and exploration opportunities available. The company plans to drill four additional wells before the end of 2026.



Hall also noted that continued support from Egypt’s Ministry of Petroleum and Mineral Resources, the Egyptian General Petroleum Corporation, and the Egyptian Natural Gas Holding Company (EGAS) is helping encourage investment in the energy sector and increase local gas production.

Business Today-

President Abdel Fattah El-Sisi met today with Prime Minister Mostafa Madbouly and Minister of Social Solidarity Maya Morsy to review developments in Egypt’s social support and protection system.



Presidential Spokesman Ambassador Mohamed El-Shenawy said the meeting addressed ongoing efforts to govern and modernise social support programmes. Minister Morsy outlined the Ministry’s work on preparing a National Social Protection Framework, designed to provide an integrated national approach that reflects Egypt’s efforts and supports the achievement of the Sustainable Development Goals.



She noted that the state is working to activate mechanisms that provide security for the most vulnerable groups and help families move beyond multidimensional poverty. The Ministry is also encouraging investment in social protection programmes and implementing a strategic financial system for economic empowerment in partnership with relevant government entities, the private sector and civil society.



President El-Sisi stressed the need to continuously develop support mechanisms in a way that achieves a stronger balance between social justice and economic sustainability, while fully safeguarding the rights of the most vulnerable citizens. He directed the establishment of a unified social protection programme to ensure that eligible and targeted groups receive the necessary support.



The President also instructed continued monitoring of the Takaful and Karama programme, which currently benefits 4.7 million families. He called for an annual report assessing the programme’s social, economic and development impact, alongside further efforts to strengthen the economic empowerment of beneficiary families and improve the efficiency of state social spending.



The meeting also reviewed the Ministry’s efforts to develop Egypt’s early childhood care and nursery system, which the state considers a growing strategic priority. Investment in children aged between zero and four was described as a national necessity.



Minister Morsy said the state’s focus on early childhood care and nurseries is part of a broader plan to increase nursery capacity and improve the quality of educational and developmental services provided at this stage, in line with Egypt Vision 2030.



She highlighted a partnership with the Ministry of Housing, Utilities and Urban Communities to increase the number of nurseries in new urban communities, improve the efficiency of existing facilities, streamline nursery licensing procedures and establish a database to identify areas requiring additional nursery capacity. A comprehensive nationwide survey is also underway to identify geographical areas where more nurseries are needed.



President El-Sisi directed efforts to improve the quality and accessibility of services for children, increase nursery enrolment rates and develop an integrated national development map for Egypt’s nursery sector. He also called for policies that better support families, the establishment of counselling and psychological and social support centres for children in line with international standards, and expanded elderly care facilities.



The Minister also reviewed efforts to govern and develop Egypt’s foster-family care system for children without parental care. She said the Ministry is expanding foster-family programmes in a way that serves the best interests of children, while launching an internal electronic system linking the Higher Committee for Foster Families with local committees at Social Solidarity directorates across the country.



President El-Sisi stressed the importance of ensuring that foster families provide children with all aspects of care needed to support their social and psychological stability. He also directed specialists to conduct regular follow-ups to ensure the children’s wellbeing and stability within their foster families.

Business Today-


Prime Minister Mostafa Madbouly today witnessed the signing of a memorandum of understanding (MoU) to establish Egypt’s first wind turbine manufacturing plant and develop a 2,000-megawatt wind power project in the North Gulf of Suez region.

The agreement was signed between China’s SANY Renewable Energy, which specialises in advanced wind turbine manufacturing technology, and Egypt’s Electricity Transmission Company and the New and Renewable Energy Authority.

Under the agreement, the parties will establish Egypt’s first wind turbine manufacturing facility to supply locally produced equipment for wind energy projects and export surplus production to regional markets.

The signing ceremony was attended by Mahmoud Esmat, Minister of Electricity and Renewable Energy.

The MoU forms part of Egypt’s broader strategy to support local industry, localise advanced technologies, and increase the share of locally manufactured components in renewable energy projects.

It also supports the expansion of the electrical equipment industry and the implementation of solar and wind energy projects in local currency, while leveraging Egypt’s trade agreements to export to African and Middle Eastern markets.

The agreement also includes the development of a 2,000 MW wind power plant, financed and implemented in Egyptian pounds, in line with the country’s national energy strategy. Egypt aims to increase the share of renewable energy in its overall energy mix to 45% within the next two years.

On the sidelines of the signing, Prime Minister Madbouly highlighted the strategic importance of renewable energy projects in strengthening Egypt’s electricity sector and diversifying energy sources. He noted that localising renewable energy-related industries is a key pillar of energy security and the country’s green transition.

Madbouly added that President Abdel Fattah El-Sisi regularly follows up on renewable energy projects, while the government continues to coordinate with relevant state entities and local and international private-sector partners to deliver projects under the national energy strategy.

He also stressed Egypt’s focus on implementing solar, wind and energy storage projects in local currency, alongside plans to expand energy storage systems in order to maximise the value of renewable energy generation and enhance the stability of the national electricity grid.

Minister Mahmoud Esmat said that localising electrical equipment manufacturing, particularly for renewable energy projects, supports Egypt’s direction toward implementing solar and wind projects in Egyptian pounds. He added that the Ministry of Electricity is currently working on the requirements needed to determine the local manufacturing share in this sector.

Esmat explained that the agreement includes the construction of a wind turbine manufacturing plant meeting the highest international standards, with an annual production capacity of 2 GW. The facility is expected to be completed within a maximum of two years from the signing of the agreements.

The 2,000 MW wind power project is expected to be connected to Egypt’s national electricity grid within a maximum of 23 months from the signing date.

The minister noted that Egypt has a large and growing market for solar and wind power projects, supported by strong trade relations that can help open access to markets across the Middle East and Africa.

Business Today-

Minister of Investment and Foreign Trade Mohamed Farid said the government is ready to support high-potential companies preparing to list on the Egyptian Exchange through the Sovereign Fund of Egypt.

The support would include contributing to capital increases ahead of an initial public offering and helping companies prepare for listing through the planned industrial fund or the small and medium-sized enterprises fund currently under development.

Farid said state institutions are working to build the capabilities of Egyptian companies and support their growth, enabling them to compete internationally, expand into foreign markets, increase exports and strengthen their ability to access global stock exchanges.

He noted that Egypt has launched several initiatives to help companies enter international markets, including the Foreign Trade Platform. Current efforts, he said, are focused on building an export-oriented culture among businesses and encouraging them to expand abroad.

Speaking on the sidelines of the signing of a cooperation protocol between the Micro, Small and Medium Enterprise Development Agency and the Egyptian Exchange, Farid said exports help improve product quality and raise standards, while also generating foreign currency revenues that support the economy.

For his part, Bassel Rahmy, Chief Executive Officer of the Micro, Small and Medium Enterprise Development Agency, said the agency will provide an integrated package of services to companies eligible for listing on the Egyptian Exchange, helping improve their readiness and strengthen their growth and expansion prospects.

Rahmy added that the agency will coordinate with the Egyptian Exchange to develop a joint action plan, with quarterly reports submitted to the Ministry of Investment to track the volume of non-financial services and financing provided to targeted companies.

The cooperation will also extend to export-support funds to help companies export their products and expand access to international markets.

Rahmy said the agency has served more than 3.5 million clients through a diverse range of financial and non-financial services. Its extensive database will be used in cooperation with the Egyptian Exchange to identify eligible companies and support their listing journey.

Meanwhile, Omar Radwan, Chairman of the Egyptian Exchange, said the protocol marks the beginning of a broader cooperation project aimed at supporting companies at different stages of growth.

He said the initiative will enable high-potential companies to use the Egyptian Exchange as a pathway for growth and financing, whether through market listing or by receiving the technical and advisory support needed to help small companies grow into medium-sized businesses and eventually into larger, more scalable enterprises.

Business Today-

Egypt’s Ministry of Foreign Affairs, International Cooperation and Egyptian Expatriates hosted the signing ceremony for eight cooperation agreements and memoranda of understanding between Egyptian ministries and entities, the French Development Agency, the European Union and several French companies on Wednesday.

The signed agreements included two financing agreements worth a combined €300 million to support Egypt’s Universal Health Insurance System. The funding will help strengthen the sustainability of the healthcare system and expand the range of services available to citizens.

A memorandum of understanding was also signed to support primary healthcare, with the aim of improving the quality of essential health services and increasing the efficiency of healthcare units across governorates.

In the education sector, a grant was signed with the Ministry of Education and Technical Education to support the teaching of French as a second foreign language in Egyptian public schools.

Two letters of intent were also signed to establish two applied technology schools in cooperation with the Ministries of Transport and Education and Technical Education. One school will be established at the Wardan Institute, while the other will be developed in partnership with RATP. The initiative aims to advance technical education and prepare qualified professionals to meet labour market needs.

The agreements also included a €45 million credit facility to support the Sustainable Green Industry Project in cooperation with the Egyptian Environmental Affairs Agency. The facility is intended to support Egypt’s transition towards a green economy and promote environmental sustainability.

In addition, a grant was signed to improve access to services in targeted areas and expand economic opportunities, in cooperation with the Micro, Small and Medium Enterprise Development Agency.

The agreements reflect the commitment of Egypt and France to further strengthen their strategic development partnership and support efforts aimed at achieving sustainable and inclusive economic growth, improving citizens’ quality of life and advancing Egypt’s development vision.

During the ceremony, Foreign Minister Badr Abdelatty highlighted the development of Egypt’s strategic partnership with the French Development Agency over the past two decades. He noted that the partnership has resulted in leading development projects across transport, energy, water security and infrastructure, contributing to stronger public services and supporting Egypt’s economic and social development efforts.

Abdelatty said the new agreements reflect the depth of Egyptian-French relations and the shared commitment to supporting sustainable development priorities, particularly in healthcare, education, technical and vocational training, and green industry.

He added that Egypt’s long-standing partnership with the French Development Agency represents a successful model of international cooperation built on trust and a shared vision, expressing appreciation for the French government, the agency and all Egyptian and French institutions and professionals that have contributed to the partnership’s achievements over the past two decades.

Business Today-


President Abdel Fattah El-Sisi has issued a presidential decree approving a 15% increase in pensions, effective July 1, 2026.

The decision aims to improve the living conditions of pensioners, ease cost-of-living pressures, support older citizens and provide greater assistance to the most vulnerable groups.

The increase applies to pensions granted under the Social Insurance and Pensions Law, as well as Law No. 71 of 1964 on exceptional pensions and bonuses.

It will also apply to partial disability pensions resulting from work-related injuries that did not lead to the termination of employment, in addition to exceptional partial disability pensions.

Business Today-

Khaled Hashem, Minister of Industry, and Mohamed Farid Saleh, Minister of Investment and Foreign Trade, witnessed the signing of four cooperation protocols between the Industrial Modernisation Centre (IMC) and the Export Development Fund, Hassan Allam Group, EL Square, and the National Egyptian Railway Industries Company (NERIC).

The agreements aim to support exporters, develop local suppliers, promote digital transformation and smart manufacturing, and strengthen the competitiveness of Egyptian industry in both local and global markets.

The first protocol, signed between the IMC and the Export Development Fund, will implement the “Quality, Conformity and Environmental Compliance Certification Support Programme” for exporting companies across nine industrial sectors.

These include food industries, engineering industries, chemicals, medical industries, ready-made garments, home textiles, spinning and weaving, leather products, and furniture.

The Minister also witnessed the signing of a cooperation protocol with EL Square under the “Smart Manufacturing for Industrial Facilities” initiative.

The agreement aims to provide digital transformation and smart manufacturing solutions, particularly for small and medium-sized enterprises.

In addition, the IMC signed a protocol with Hassan Allam Group to implement programmes for developing local suppliers serving the Group’s projects. The programmes will align suppliers with sustainability, green-building and carbon-emissions-reduction requirements.

Another protocol was signed with NERIC to develop seven local suppliers during the first phase, enabling them to provide components for railway and metro rolling-stock manufacturing in accordance with the international IRIS standard, ISO 22163:2023.

Hashem stated that the Industrial Modernisation Centre is one of the Ministry of Industry’s key technical and executive arms.

He noted that the Ministry is working to expand the Centre’s role as part of a comprehensive plan to modernise Egypt’s industrial ecosystem, including wider adoption of digital transformation and artificial intelligence in factories, as well as stronger links between scientific research outputs and industrial needs.

He added that these agreements reflect the state’s direction towards localising and deepening domestic manufacturing, increasing local content, and enhancing the global competitiveness of Egyptian products. These efforts form part of a strategy targeting industrial exports of USD 100 billion by 2030.

The Minister noted that the Ministry has identified seven priority industries: ready-made garments, textiles, food and pharmaceutical industries, automotive manufacturing, electrical and engineering equipment, electronics, as well as several strategic and enabling industries.

He further announced that the Ministry is preparing to launch new industrial investment funds next September to finance promising industrial projects through direct equity participation or debt swaps. The Ministry will also launch a platform for distressed factories to connect them with new investors and support their return to operation.

Hashem affirmed that the Ministry aims to attract leading global automotive manufacturers to produce in Egypt, leveraging incentives offered through the National Automotive Industry Development Programme. The initiative is expected to help increase annual vehicle production to 100,000 units by 2030.

He also revealed plans to implement the “Productive Villages” programme, which will create employment opportunities, develop local industries in villages, and integrate them into industrial supply chains. In parallel, the Ministry will continue its efforts to develop the Shaq El-Teeban area, one of Egypt’s most important specialised industrial zones for marble and granite.

For his part, Minister Farid stressed that achieving a major leap in Egyptian exports depends on production capable of competing globally. He emphasised that investment in quality is no longer optional, but rather a necessity for expanding access to international markets.

He added that the government is working to reduce the burdens and costs associated with obtaining quality and international accreditation certificates by providing accredited local laboratories in Egypt. This is expected to reduce costs, shorten processing times, and enhance the competitiveness of Egyptian products.

Meanwhile, Hatem El-Nawawy, Head of the Executive Authority of the Export Development Fund, stated that the agreement represents an important step in supporting Egyptian companies in obtaining quality certifications and international accreditations, thereby strengthening the ability of Egyptian products to expand into global markets.

Business Today-

Concrete Plus has announced its participation in an Egyptian-French consortium with France’s Alstom to deliver two railway development projects in Egypt, under contracts signed with the Egyptian National Railways Authority. The projects form part of the state’s broader plans to upgrade transport infrastructure.

The projects include the development of the Cairo–Alexandria corridor, Package Two, which involves the construction, rehabilitation and double-tracking of 117 kilometres of railway lines, alongside upgrades to the associated signalling systems.

The consortium will also deliver the Robiki–10th of Ramadan–Belbeis railway line project, which aims to strengthen logistics connectivity between industrial zones, ports and commercial hubs.

The projects are supported and financed by international institutions, including the World Bank, the European Bank for Reconstruction and Development, and the European Investment Bank, reflecting their importance in advancing Egypt’s transport and logistics sectors.

Tarek Youssef, Founder and Chief Executive Officer of Concrete Plus, said the company’s participation reflects confidence in the capabilities and experience of Egyptian firms in delivering major infrastructure projects in line with international standards.

He added that the projects will enhance connectivity between industrial areas, ports and key transport networks, supporting Egypt’s wider economic development efforts.

Youssef noted that the new contracts further strengthen Concrete Plus’s position as a key partner in delivering strategic infrastructure projects and supporting Egypt’s sustainable development plans.

Business Today-


Prime Minister Mostafa Madbouly said real estate development projects represent a key driver of Egypt’s economy, supporting industrial activity, employment, and investment flows, during a ceremony marking the signing of a strategic partnership between Egyptian company Midar Investment and Urban Development and UAE-based Majid Al Futtaim.

The partnership will develop an integrated urban project within Mada City in New Cairo, covering 553 feddans with investments exceeding $3.1 billion.

Madbouly said projects of this scale reflect continued confidence from both local and foreign investors in the Egyptian economy, adding that Egypt has become a major investment and development hub in the Middle East.

He pointed to the recently launched second edition of the State Ownership Policy Document, which outlines the government’s role in the economy through 2030 and emphasizes expanding private sector participation in key sectors, including real estate development.

The Prime Minister said the real estate sector extends beyond housing, covering integrated urban development activities including entertainment, tourism, hospitality, and commercial services, creating broader economic value.

Addressing criticism that the government focuses mainly on real estate projects, Madbouly said such developments are linked to dozens of supporting industries, including construction materials, manufacturing, food, and retail.

He noted that a large-scale project can involve around 90 to 95 different industries, with thousands of factories contributing to implementation and creating employment opportunities during construction and operation phases.

Madbouly added that the impact of these projects continues after completion through commercial and service activities such as restaurants and retail, supporting additional sectors of the economy.

He stressed that the government continues to support partnerships between Egyptian and foreign private sector companies, particularly with investors from the UAE and other countries, due to their contribution to job creation, economic growth, and long-term development.

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Badr El-Din Petroleum Company has announced a new gas discovery, expected to add around 15 billion cubic feet (bcf) of natural gas to Egypt’s reserves, according to the Ministry of Petroleum and Mineral Resources.

The ministry said on Sunday that the new well is expected to start production by the end of the current month, with an initial output of around 15 million cubic feet per day, in addition to 500 barrels per day of condensates.

Khaled Abdelsalam, Chairman of Badr El-Din Petroleum, said the company carried out 40 successful hydraulic fracturing operations during the current fiscal year, contributing more than 10,000 barrels per day of oil and over 15 million cubic feet per day of gas to production levels.

He said the operations relied on advanced global technologies in the design and execution of fracturing activities, improving production efficiency and enhancing the economic value of existing fields.

During an inspection tour of the company’s fields in the Western Desert, Minister of Petroleum and Mineral Resources Karim Badawi said the ministry has strengthened the conditions needed to expand the use of horizontal drilling and hydraulic fracturing technologies, which are key tools for increasing well productivity and boosting crude oil output.

He added that achieving Egypt’s five-year plan to double crude oil production requires unconventional solutions and the adoption of advanced global technologies in exploration and production activities.

Badawi noted that recent improvements in investment conditions in the sector, including the settlement of arrears to foreign partners, regular monthly payments, and investment incentives, have created a stronger foundation for expanding production technologies and attracting further investment.

He also highlighted ongoing efforts by the Egyptian General Petroleum Corporation and its partners to develop innovative economic models that support higher investment and production levels.

The minister stressed that increasing domestic production helps reduce reliance on imports of petroleum products and liquefied natural gas, noting that each additional barrel produced locally has a positive impact on the national economy.

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The Central Bank of Egypt (CBE) has instructed banks not to grant any credit facilities to customers for the purpose of financing the payment of capital in companies under incorporation or increases in share capital.

The directive also prohibits the use of bank financing to fund cash dividend distributions and employee bonus shares, as part of efforts to strengthen oversight of credit facilities provided by the banking sector.

In a circular issued following approval by the CBE Board of Directors in its meeting held on 17 June 2026, the central bank said the decision aims to ensure that credit facilities are directed toward financing customers’ productive economic activities, in line with sound banking principles and lending standards.

The CBE said the decision builds on previous instructions issued in March 2003, which prohibited granting short-term credit lines to finance the capital of companies under incorporation or to complete legally required capital contributions, as well as guidance issued in September 2021 banning credit facilities for financing cash dividends to employees or shareholders.

The central bank reaffirmed that banks must comply with the requirement not to provide financing for capital payments in newly established companies or capital increases, nor for cash dividends or employee bonus shares, in order to ensure credit is directed toward operational and investment-related purposes.

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Egypt’s Minister of Investment and Foreign Trade, Mohamed Farid, announced a set of new initiatives aimed at supporting industry and exports, including the launch of an industrial fund under the Egyptian Sovereign Fund and a unified digital platform for economic entities to streamline investor procedures.

The announcement was made during his participation in the Fifth Engineering Export Excellence Awards (EXXA 2026), organised by the Engineering Export Council under the patronage of the Prime Minister and in the presence of the Ministers of Finance and Industry.

Farid said the government places production and exports at the top of its priorities, noting that the presence of members of the economic group at the event reflects the government’s full commitment to supporting the industrial sector and exporters.

He added that Egypt is working to create a more competitive business environment to boost exports and strengthen local production capabilities. He also revealed that the government, in coordination with the Ministries of Investment, Industry, and Finance, is working to establish an industrial fund aimed at supporting industrial expansion projects and reducing investment risks.

The minister urged companies to submit projects and feasibility studies focused on deepening local manufacturing and increasing value-added production, noting that the state is prepared to provide land and financing for viable projects.

He explained that the ministry’s strategy is based on two main pillars: increasing Egyptian exports to foreign markets and promoting import substitution through expanding local production of engineering components and products, thereby reducing the trade gap and increasing employment.

Farid also highlighted ongoing efforts to expand field communication programmes with factories across governorates to introduce government incentives and support exporters in accessing international markets.

In terms of digital transformation, he announced the expansion of government data platforms, including those of the Export Development Authority and the Commercial Representation Authority, to improve access to accurate market information for exporters.

He further confirmed that approvals have been completed for the launch of the “Economic Entities Platform”, a unified digital window that will allow investors to track approvals and licences from various authorities, including environmental and civil protection requirements, while facilitating capital increases and reducing processing times.

Engineering Export Performance

During the event, Sherif El-Sayad, Chairperson of the Engineering Export Council, said EXXA has become a national platform recognising excellence in the engineering export sector and encouraging companies to expand their global presence.

He said engineering exports reached $2.5bn in the first four months of 2026, up from $2.1bn in the same period last year, representing growth of around 20%.

El-Sayad noted that Egypt’s engineering industry continues to grow despite global and regional challenges, supported by government efforts to enhance competitiveness and exports.

He added that hosting the event near the Sun Boat at the Grand Egyptian Museum carried symbolic significance, linking ancient Egyptian engineering achievements with modern industrial success.

Awards and Recognitions

The EXXA 2026 ceremony honoured several companies across different categories. Samsung Electronics Egypt received three major awards: Best Multinational Exporter, Best Exporter to the Largest Number of Countries, and Best Exporter to the Americas.

El Sewedy Cables won Best Egyptian Exporter (Large Enterprises), while Energya Power Cables – El Sewedy Helal Group received three awards for innovation, green manufacturing excellence, and youth-led export leadership. Dr Greiche for Glass Industries was recognised for export success.

In the SME categories, MoDuPay Cards won Best Medium Exporter, El Amal Home Appliances Factory won Best Small Exporter, and 3Brothers Group received the Emerging Exporter Award. Crystal Asfour was awarded for excellence in AI applications in manufacturing.

In sector-specific awards, Fresh Electric won Best Exporter in Home Appliances and OEM Brands, while Egyptian Engineering Morkos won in Machinery and Equipment. Elsewedy Electric Products was recognised in Electrical Industries, Chloride Egypt in Automotive Components, Tiba for Trading and Manufacturing in Kitchen Tools, and German Batteries for Local Content Excellence.

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Minister of Industry Khaled Hashem, accompanied by Beni Suef Governor Abdullah Abdel Aziz, conducted an inspection tour of Samsung Electronics’ factory, ELARABY Group’s home appliances complex, and the industrial wastewater treatment plant in the Kom Abu Radi industrial zone in Beni Suef.

The visit was part of ongoing field follow-ups on industrial facilities and aimed to review production operations and ongoing infrastructure development in the area.

The delegation included officials from the Industrial Development Authority and senior representatives from the Ministry of Industry and the governorate.

The tour began at ELARABY Group’s home appliances complex, which includes several production facilities, such as automatic and semi-automatic washing machine, motor, fan, and foam manufacturing units.

The complex produces products under several brands, including Sharp, Tornado, Hoover, and Candy.

Officials also reviewed a compressor manufacturing plant for air conditioners, described as the first of its kind in the Middle East, with an annual production capacity of around two million units and export plans targeting 50% of output.

During the visit, the minister said the compressor factory would help meet strong local demand while also supporting export growth.

The delegation then visited Samsung Electronics’ factory, which spans 366,000 square metres and has investments of around $700m. The facility includes a television production plant with an annual capacity of 5 million units and a mobile phone factory producing around 6 million units annually.

Local content ranges between 40% and 50%, while exports are estimated at around $750m annually to 65 countries across Africa, the Middle East, Turkey, and parts of Europe. The company provides around 5,000 direct and indirect jobs.

Samsung officials briefed the minister on the factory’s operations, noting that it is the company’s first facility in the Middle East and Africa and one of 14 globally. The company aims to position Egypt as a regional hub for production and exports.

The minister also inspected the industrial wastewater treatment plant in Kom Abu Radi, operated by the Industrial Development Authority. The plant covers an area of 12.5 feddans, with investments of EGP 500m, and is designed to serve industrial wastewater from an 800-feddan area.

It has a capacity of 10,000 cubic metres per day, expandable to 20,000 cubic metres, and uses advanced treatment technologies, including IFAS and CAS systems. The minister inspected control rooms, laboratories, sedimentation units, and sludge treatment facilities.

Speaking during the visit, the minister stressed the importance of completing industrial infrastructure projects to support industrial zones and attract further investment, noting the growing demand for serviced industrial land.

Beni Suef Governor Abdullah Abdel Aziz said the visit reflects ongoing efforts to monitor investment projects and support industrial development as part of Egypt’s sustainable development strategy.

Ahmed Sultan, Chairperson of the Investors Association in Kom Abu Radi, praised the establishment of the wastewater treatment plant, describing it as a key infrastructure project supporting industrial activity in the zone.

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South Africa has completed technical preparations for proposed industrial and automotive cooperation protocols with Egypt, South African Minister of Trade, Industry and Competition Parks Tau said during bilateral talks in Cairo.

The expansive discussions, which included Egyptian Minister of Investment and Foreign Trade Mohamed Farid Saleh and Egypt’s Minister of Industry, focused on transitioning bilateral relations from traditional trade to joint manufacturing, value chain integration, and a proposed investment partnership in the automotive sector between Egypt and the Southern African Customs Union (SACU).

“The focus in the current stage must be on transforming dialogue into practical, implementable projects, especially in the fields of industry, trade, and supply chains,” Tau said, noting that South Africa is prepared to finalize the necessary procedural steps and sign the proposed protocols. He added that Pretoria views cooperation with Egypt as a strategic opportunity to enhance pan-African integration and stands ready to support logistics, trade, and industrial development while facilitating private sector engagement.

Egyptian Minister Mohamed Farid Saleh stated that economic cooperation between Cairo and Pretoria forms a primary pillar for driving economic integration across the continent.

“The future of cooperation between the two countries must be based on genuine African-African cooperation across various sectors, including industry, mining, energy, and trade, to boost growth within the continent,” Saleh said. He added that the objective extends beyond increasing trade volumes to building an integrated investment and trade model.

Saleh emphasized the necessity of accelerating product certification and registration procedures between the two nations. “Establishing a fast track for product certification, especially in the pharmaceutical sector, has become a necessity to enhance trade movement and reduce the time required to enter markets,” Saleh said.

To support these initiatives, Saleh noted that Egypt is currently updating its legislative and customs frameworks governing trade. These reforms include facilitating transit trade and developing logistics distribution centres to solidify Egypt’s position as a regional trade and logistics hub.

During the meetings, both delegations agreed to activate the concept of cumulative rules of origin within the African continent. This mechanism allows production stages to be completed across multiple countries, enabling finished goods to enter regional markets as products of African origin. The two sides discussed implementing this model across several sectors, including engineering, automotive, and manufacturing industries.

Regarding the specific proposal for automotive investment cooperation between Egypt and SACU, the Egyptian delegation affirmed its commitment to advancing the file, while the South African side confirmed its technical readiness to proceed with the protocols.

On pharmaceutical cooperation, both parties underscored the importance of accelerating bilateral registration and certification to boost intra-African pharmaceutical trade. The ministers agreed to launch virtual technical meetings between relevant authorities to explore industrial integration and align regional production with import requirements from various markets.

The two sides also discussed leveraging their ports and special economic zones to improve supply chain efficiency and lower transport costs, noting that the long-term sustainability of shipping lines depends heavily on actual commercial trade volumes.

On the international stage, the delegations stressed the importance of strengthening coordination among African nations within global forums, particularly the World Trade Organization (WTO), to adopt unified positions on shared commercial issues and enhance the continent’s collective negotiating power.

To foster direct private sector engagement, the ministers evaluated a proposal to organize reciprocal trade exhibitions, featuring an Egyptian exhibition in South Africa and a South African exhibition in Egypt. Both parties noted that targeted exhibitions serve as a more effective practical tool for accelerating commercial interaction than traditional trade missions.

The talks concluded with an agreement to maintain continuous coordination and translate the tabled proposals into executive frameworks through technical and institutional channels.

The bilateral meetings were attended by South African Ambassador to Cairo Ntsiki Mashimbi, Director-General of the South African Ministry of Trade, Industry and Competition Simphiwe Hamilton, and Special Advisor to the Minister Thofio Muvhi, alongside officials from the South African ministry and embassy.

The Egyptian delegation comprised leadership figures from the Ministry of Investment and Foreign Trade and its affiliated entities, alongside Maged George, Chairperson of the Egyptian side of the Egypt-South Africa Business Council.

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In a pivotal step towards transforming Egypt’s digital payments infrastructure, the Central Bank of Egypt (CBE) announced the adoption of the international ISO 20022 standard across the Egyptian banking sector for SWIFT messaging in interbank financial transfers, effective 21 June 2026.

In this regard, Hassan Abdalla, Governor of the CBE, emphasised that this initiative reflects the CBE’s ongoing efforts to advance and modernise the payments infrastructure by enhancing the efficiency of the interbank Real-Time Gross Settlement (RTGS) system. He noted that the adoption of ISO 20022 lays the foundation for modern financial services, including open banking and advanced data analytics, while enabling banks and financial institutions to develop innovative banking and financial products in line with international best practices and standards.

ISO 20022 is the world’s most advanced and unified messaging standard for financial transactions. It enhances the efficiency of the interbank RTGS system by enabling faster and more reliable payment processing. It also improves the quality of payment data by allowing the inclusion of more granular and structured information within payment messages. The enhanced data, in turn, improves the cross-border payments experience by facilitating Straight-Through Processing (STP) and reducing manual intervention, ultimately accelerating transaction execution and maximising operational efficiency.

Additionally, ISO 20022 strengthens banks’ capabilities to automatically screen transactions in compliance with local and international Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) recommendations. This reflects the strategic importance of the upgrade in further facilitating cross-border payments and ensuring seamless integration with regional payment platforms.

This step places the Egyptian RTGS system—which has been upgraded to fully comply with the ISO 20022 standard—among the most advanced settlement systems globally, reinforcing its position as a cornerstone of Egypt’s digital financial services infrastructure.

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The Central Bank of Egypt (CBE) has issued a directive requiring banks not to grant credit facilities to customers for the purpose of financing the capital of companies under incorporation, funding capital increases, or using bank financing to support cash dividend distributions or employee share award programmes.

In a circular issued on Sunday, the CBE said the decision reaffirms the regulations governing the granting of credit facilities and forms part of broader efforts to strengthen oversight of lending by the banking sector. The measure aims to ensure that financing is directed towards economic and productive activities in line with established banking rules and practices.

The central bank noted that the decision is based on the provisions of a circular issued on 24 March 2003, which prohibited the granting of short-term credit facilities to finance the capital of companies under incorporation or to cover the legally required 25% paid-up capital contribution.

The directive also refers to a circular issued on 20 September 2021, which prohibited the granting of credit facilities to finance cash dividend distributions to shareholders or employees.

To solidify Egypt's position as a regional manufacturing and export hub and enhance integrated industrial supply chains, Elsewedy Electric launches 3 strategic industrial projects with investments of $200 million to support local manufacturing and increase exports

Cairo, June 24, 2026 - Elsewedy Electric announced the launch of three new strategic industrial projects in Egypt with total expected investments exceeding US$200 million. These projects are scheduled to begin operation and be inaugurated during the first quarter of 2028. This move reflects the company's commitment to enhancing local industrial capabilities, supporting the competitiveness of the Egyptian economy, and solidifying Egypt's position as a regional manufacturing, export, and integrated supply chain hub.

The new projects include the establishment of a state-of-the-art complex for recycling copper scrap and electronic waste, a factory for producing copper pipes for the air conditioning and refrigeration (AC & HVAC) and home appliance sectors, and a new production line for aluminum bars, entirely geared towards export. These projects are expected to contribute to creating more than 300 direct and 1,000 indirect job opportunities

The E-Waste & Copper Recycling Complex project is one of the cornerstones of these strategic projects, with the company allocating a total investment of US$80 million, including capital expenditures and working capital. The project aims to establish a state-of-the-art industrial complex based on the latest global operating technologies in a strategically located and equipped site. In its first phase, it will operate with a production capacity of up to 20,000 tons per year of copper scrap and printed circuit boards (PCBs), providing more than 120 direct job opportunities.

The complex relies on advanced processing technologies to convert copper scrap and electronic boards into high-purity copper cathodes and precious metals, with an engineering design that allows for future expansion and increased production capacity. The project represents an advanced model of the circular economy, as the locally produced copper cathodes will be used as a primary raw material for the new copper pipe factory, thus enhancing the integration of supply chains and increasing the added value of industrial resources within the Egyptian market

As part of its plans to meet the growing demand for air conditioning and refrigeration (AC & HVAC) and home appliance supplies, Elsewedy Electric intends to invest US$65 million to establish a state-of-the-art copper pipe manufacturing plant with a production capacity of 15,000 tons per year, creating more than 100 direct jobs during the first phase. The production lines have been designed according to the highest technical specifications to meet the requirements of major manufacturers in these sectors. The project aims to fully cover the needs of the local market during its first phase, thereby supporting the stability of local supply chains and enhancing the competitiveness of related industries

Building on its regional successes and in response to growing demand for its products, the company is launching a new aluminum rod production line with investments totaling US$55 million, leveraging the expertise and strong operational performance of its plants in Egypt and Saudi Arabia. The project is expected to add 50,000 tons of new production capacity annually, creating more than 100 direct jobs. All production will be destined for export markets, boosting Egyptian exports and reinforcing the country's position as a regional hub for manufacturing and exporting high-value industrial products.

Eng. Ahmed El Sewedy, CEO and Managing Director of Elsewedy Electric, said: "These projects represent a strategic step reflecting our long-term vision to build an integrated industrial ecosystem linking advanced manufacturing, recycling, and exports. Through these investments, we are working to enhance added value within the Egyptian market, develop more efficient and sustainable supply chains, deepen local manufacturing, reduce reliance on imports, support exports, and strengthen Egypt's position as an industrial and export center serving regional and global markets."

It is worth noting that Elsewedy Electric is one of the world's leading companies in the fields of energy, infrastructure, and integrated industrial solutions. It operates in 19 countries, owns more than 34 industrial facilities, and exports its products to more than 110 countries worldwide. Through its integrated business model and more than 80 years of experience, the company continues to implement strategic investments that support economic development and enhance Egypt's position as a regional manufacturing and export hub

Saudi Arabia's Ministerial Council Approves Executive Regulations and Specific Zones for Foreign Property Ownership; Expected Positive Impact on TMG's Growing Footprint in the Kingdom

Talaat Moustafa Group Holding ("TMG Holding" or "the Group") welcomes the recent regulatory developments in the Kingdom of Saudi Arabia, where on June 23, 2026, the Saudi Council of Ministers approved the Executive Regulations of the Law of Real Estate Ownership by Non-Saudis and identified the geographical zones in which foreign ownership is permitted, completing a framework first introduced in January 2026 that opened the Kingdom's real estate market to foreign buyers. The approved zones span designated districts in Riyadh, Jeddah, Makkah, and Madinah.

These measures represent a significant milestone for the Saudi real estate space and are expected to drive demand and growth in the sector

In this context, TMG highlights that the above developments are expected to have a positive impact on the Group's regional expansion in Saudi Arabia, including Banan, TMG's flagship project in the Kingdom. Launched in 2024 in the Al Fursan area in the northeast of Riyadh, Banan is a fully integrated community spanning approximately 10 square kilometers and comprising around 25,000 units. The project draws on TMG's established track record of delivering high-quality, mixed-use destinations and is designed to set a new benchmark for integrated community living in the Kingdom. Backed by the Group's internationally recognized brand and proven expertise in creating vibrant, self-sufficient communities, Banan is well-positioned to capture growing demand from foreign buyers seeking premium residential offerings aligned with the highest standards of living

It is also worth noting that other projects currently being considered under the memorandum of understanding signed with Saudi Arabia's Public Investment Fund (PIF) are also expected to benefit from increased demand for real estate offerings in Riyadh, Jeddah, Makkah and Madinah, which fall within the geographical areas where non-Saudis (foreigners) are permitted to own real state property under the new regulations

Dr. Eng. Sameh El-Sayed, Managing Director and Chief Executive Officer of
Misr El-Gedida Housing and Development Company, announced the completion of the designs for
an integrated entertainment, commercial, and hospitality destination in New Heliopolis City,
spanning an area of 75 feddans.
He explained that the project will feature a wide range of activities and services, including an
amusement park, a restaurants and cafés district, a celebration plaza with a dancing fountain,
exhibition halls and administrative offices, event and banquet halls, an open-air events venue, a hotel
and various dining facilities, a banking and financial services zone, a mosque, a shopping mall and
retail outlets, a hypermarket, in addition to landscaped green areas, water features, and parking
facilities. The development is designed to serve as a comprehensive destination for the residents and
visitors of New Heliopolis City. The estimated investment cost of the project is approximately EGP 5
billion.
Dr. El-Sayed also indicated that the Company is close to reaching an agreement with a real estate
development company to develop a 25-feddan land plot located on the Suez Road, adjacent to the
Company's existing partnership project with G Development. He expects the contractual procedures
to be finalized during the coming period.
Furthermore, he revealed that the Company is preparing to launch its project in Mansoura City,
covering approximately 52,000 square meters, within the next two weeks. The final project designs
have been completed in cooperation with Rawasy Company, paving the way for the commencement
of implementation and marketing activities. He noted that the partnership agreement includes a
guaranteed minimum revenue of approximately EGP 3.157 billion for Misr El-Gedida Housing and
Development Company.
Regarding the performance of the Company's existing partnerships, Dr. El-Sayed stated that total
revenues generated from partnership projects since the beginning of 2026 through 30 May 2026
reached approximately EGP 640 million. Meanwhile, cumulative revenues generated from
partnership projects since the adoption of the land development partnership model in New Heliopolis
have reached approximately EGP 4.5 billion.
He added that total expected revenues from partnership projects alone by the end of 2026 are
estimated at approximately EGP 3.07 billion, excluding revenues from direct sales and selfdevelopment activities. He emphasized that the contracted developers bear all development and
construction costs, with no financing or investment obligations on Misr El-Gedida Housing and
Development Company. This model enhances the efficient utilization of the Company's assets and
supports sustainable returns for shareholders. He further explained that revenues related to guaranteed minimum returns are recognized at year-end, resulting in a more significant financial
impact on the Company's year-end financial statements.
Dr. El-Sayed also confirmed that the Company expects second-quarter net profit to increase by
approximately 30% compared to the corresponding period of the previous year. In addition, the
Company anticipates achieving net profits of around EGP 3.5 billion by the end of 2026, reflecting
expected revenue growth and the positive contribution of returns generated from its projects.
He further emphasized that the Company remains committed to executing its strategy aimed at
maximizing returns from its extensive land bank and asset portfolio through expanding successful
partnership models with leading real estate developers. This approach supports the urban
development plans of New Heliopolis City while enhancing value creation for shareholders.

It was decided that Thursday 02nd of July 2026 will be an official holiday celebrating June, 30th Revolution instead of Tuesday 30th of June 2026. Trading will be resumed effective Sunday 05th of July 2026.

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MIDAR for Investment and Urban Development has signed a strategic partnership with Majid Al Futtaim to develop an integrated urban project within MADA City in New Cairo, with a total development value of $3.1bn.

The agreement was announced during a press conference held at the Cabinet headquarters in the New Administrative Capital and witnessed by Prime Minister Mostafa Madbouly. The event was attended by senior government officials, including the ministers of housing, utilities and urban communities, and investment and foreign trade, as well as the UAE ambassador to Egypt and representatives from both companies.

Ayman El Kousy, CEO and Managing Director of MIDAR, said the partnership reinforces MADA City’s position as a leading investment destination in East Cairo. He noted that the project will span 553 feddans under a revenue-sharing model, with expected future returns for MIDAR exceeding EGP 40bn.

El Kousy added that the agreement reflects growing confidence in the Egyptian real estate market and MIDAR’s ability to attract major regional and international development partners. He also highlighted that the deal forms part of a broader series of strategic partnerships within MADA City that have attracted multi-billion-dollar investments.

For his part, Ahmed Galal Ismail, CEO of Majid Al Futtaim Holding, described the partnership as a significant milestone in the company’s operations in Egypt, noting that it marks the first time the group will integrate its regional expertise in mixed-use community development within MADA City, with a strong focus on quality of life and sustainability.

He added that Majid Al Futtaim has invested approximately $2.8bn in Egypt over the past 27 years, contributing to the creation of more than 226,000 direct and indirect jobs. He also reaffirmed the company’s long-term commitment to the Egyptian market and its future expansion plans.

Under the agreement, the project will be developed in phases, beginning with 200 feddans over the first four years, followed by a second phase covering 300 feddans. Around 60 feddans will be dedicated to retail and entertainment components. The total development value is expected to exceed $4bn upon full completion.

The master plan includes approximately 6,000 residential units, in addition to commercial, administrative, hospitality, and entertainment facilities, creating a fully integrated urban destination.

Majid Al Futtaim’s portfolio in Egypt includes Mall of Egypt, City Centre Almaza, City Centre Alexandria, and City Centre Maadi, as well as Carrefour and Supeco retail operations, cinemas and entertainment assets. The company also owns and operates major regional developments, including Mall of the Emirates and Tilal Al Ghaf in Dubai.

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Egypt’s parliament has granted final approval to the economic and social development plan for the 2026/27 fiscal year (FY), which targets a gross domestic product (GDP) of EGP 24.5trn, Minister of Planning and Economic Development Ahmad Rostom announced.

The House of Representatives, chaired by Speaker Hesham Badawi, also passed the state budget for the same FY alongside the medium-term plan spanning 2029/30. Rostom addressed the legislature following a report presented by the parliament’s Planning and Budget Committee regarding the general framework of the plan.

Responding to parliamentary discussions on GDP calculation methods, Rostom stated that the process is governed by strict scientific rules fully aligned with recognised international frameworks. He noted that the state is targeting a major developmental shift to reach the EGP 24.5trn GDP target, adding that every pound spent in the plan will be strictly monitored to ensure it is allocated to its predetermined position.

The new plan prioritises human development sectors, increasing allocations for the health sector by 39.5% and the education sector by 25% during the new FY. Rostom described these increases as an inevitable investment in human development, noting that all ideas and recommendations raised during parliamentary debates would be considered for implementation.

Investments directed toward local development and governorates will rise by 13.4% compared to the previous year, reaching EGP 39bn. Rostom explained that health and education project allocations go directly to the heart of the governorates to meet citizens’ needs, separate from the investments directed to the general headquarters of the governorates themselves.

To ensure strict governance, the Ministry of Planning and Economic Development has established specific monitoring mechanisms for new projects based on an electronic linkage between the planning and finance systems, alongside completing a full digital integration with the National Investment Bank. This measure aims to guarantee that service projects enter operation immediately upon completion and ensures equitable investment distribution across governorates by developing the funding formula.

According to Rostom, the methodology for approving and managing projects in the current plan relies on stringent criteria. This framework requires continuous field reviews of execution rates on the ground and measuring how effectively executing agencies use their allocated funds. Furthermore, the ministry mandates ensuring project alignment with Egypt Vision 2030, the government’s work programme, and the State Ownership Policy Document, alongside restricting approvals to projects that possess a clear strategic plan and a detailed feasibility study.

Developing public services remains the state’s top priority, Rostom said, with the implementation of the first phase of the “Haya Karima” (Decent Life) presidential initiative and the universal health insurance project leading the plan’s targets. These projects are being executed under the directives of President Abdel Fattah Al-Sisi and Prime Minister Mostafa Madbouly.

Total spending on the first phase of Haya Karima reached EGP 425bn, yielding a direct positive impact on 18% of Egypt’s population. The officially launched second phase targets 1,667 villages across 52 centres, aiming to serve 21.4m citizens in the Egyptian countryside.