• Mr. Sherif Fathy:

The tourism sector in Egypt is one of the most important economic sectors for the national economy. We greatly appreciate the efforts of the Ministry of Planning and Economic Development in highlighting the sector's economic contributions in a more detailed and accurate manner, reflecting the scale of its returns and economic impact.

• Dr. Ahmed Rostom:
The tourism sector is one of the most prominent sectors supporting growth, employment, and providing sources of foreign income for the country.

Mr. Sherif Fathy, Minister of Tourism and Antiquities, and Dr. Ahmed Rostom, Minister of Planning and Economic Development, held a coordination meeting at the Ministry of Tourism and Antiquities headquarters in New Alamein City. The meeting aimed to discuss ways to enhance cooperation and coordination between the two ministries, to highlight and define the contributions of the tourism sector in Egypt to the national economy more accurately and comprehensively, and to strengthen the monitoring and measurement of its returns and direct and indirect impacts on the national economy. This is especially important given the state's focus on this vital sector, as it is one of the largest contributors to economic growth and has the capacity to generate direct and indirect job opportunities through related and supporting professions and industries.

Minister of Tourism and Antiquities, Mr. Sherif Fathy, affirmed that the tourism sector in Egypt is a vital component of the national economy, particularly due to its direct and indirect revenues and its interconnectedness with numerous other sectors, activities, and industries.

The Minister expressed his appreciation for the ongoing efforts of the Ministry of Planning and Economic Development to highlight the sector's contributions to the national economy in greater detail and with greater precision, reflecting the scale of its returns and economic impact. He emphasized the importance of continued coordination and cooperation between the two ministries to maximize the utilization of the tourism sector's potential and ensure alignment of its objectives with the state's economic development plans. This includes identifying investment needs and the infrastructure requirements necessary to support the sector's targeted growth.

He discussed the Egyptian government's objectives for the tourism sector, aiming to attract 30 million tourists by 2030. This will lead to increased tourism revenues and a greater contribution to the national economy. He noted that achieving this goal requires integrated efforts and continuous coordination among various ministries and relevant entities, as well as working to provide a supportive environment for the sector's growth and its sustainability. During the meeting, the Minister reviewed the key features of the Ministry of Tourism and Antiquities' current strategy, which focuses on highlighting the unparalleled diversity of Egypt's tourism offerings. This strategy is based on six main pillars: enhancing the competitiveness of tourism investment, diversifying tourism products, developing human resources, strengthening monitoring and governance mechanisms, improving the visitor experience, promoting sustainability initiatives and driving digital and environmental transformation, and implementing effective tourism marketing policies.

For his part, Dr. Ahmed Rostom emphasized that the tourism sector is one of the most significant contributors to economic growth and a major source of foreign currency for the country, providing direct and indirect employment opportunities for Egyptian youth.

The Minister of Planning and Economic Development noted that the tourism sector is witnessing successive leaps forward with the opening of more archaeological sites, most notably the Grand Egyptian Museum, the development of Egypt's transportation infrastructure, and the increase in the number of airports. This reinforces the state's efforts to increase the number of inbound tourists, thereby further supporting the sector's contribution to economic activity. Dr. Ahmed Rostom stressed that the tourism sector is linked to many supporting industries and jobs, and therefore the increase in the growth and activity of the sector is reflected in the growth of the national economy, and enhances efforts to provide job opportunities and achieve comprehensive development, stressing the continuation of coordination between the Ministries of Planning and Economic Development and Tourism and Antiquities to develop policies for the development of the sector and its targets during the coming period.

Al MAl-

Fawry, the leading fintech company in Egypt, in collaboration with Creative Digital Solutions (CDS), an Odoo Gold Certified Partner, announced the launch of a direct integration between Fawry Business's Tap N Pay application and the Odoo business management system. This move aims to enhance the digital payments and business management ecosystem by providing a seamless operational experience that connects sales, payments, and accounts within a unified platform, thereby increasing business efficiency and accelerating operational processes.

The new solution leverages SoftPOS technology, enabling merchants to accept contactless payments using bank cards and e-wallets directly via NFC-enabled smartphones and tablets, eliminating the need for traditional point-of-sale (POS) terminals.

All payments processed through Tap N Pay are automatically transferred to the Odoo system, where they are automatically matched with sales orders, invoices, and accounting entries. This minimizes manual intervention and enhances data accuracy and financial settlement speed. Through this integration, merchants will be able to transform any smart device into a fully integrated point of sale, with payments recorded and settled instantly within the business management system. This reduces data re-entry and human error, and provides a unified source for managing sales, payments, and accounts, thereby increasing operational efficiency and giving businesses a clearer view of their operations.

Commenting on this, Bassem Lotfy, Head of Business Development at Fawry, stated: “At Fawry, we are committed to investing in developing innovative digital payment solutions that meet the needs of various sectors. Simultaneously, we continuously expand our services through strategic partnerships that simplify operational processes and enable companies to rely on more efficient and flexible systems. This integration represents a new step towards strengthening the digital payments ecosystem in the Egyptian market by providing a seamless experience that connects sales, business management, and payments on a single platform.”

Meanwhile, Eng. Ramadan Khalil, CEO of Solutions CDS, said: “This integration supports the vision of the Central Bank of Egypt and helps companies unify sales, payments, and accounts to increase efficiency and enhance the customer experience.” He added, "This solution represents an extension of the partnership between CDS and Fawry to develop smart solutions that meet the needs of the Egyptian market and contribute to building a more flexible, efficient, and scalable payment system."

The new solution targets companies operating in the Egyptian market across various sectors, particularly retail, wholesale, food and beverage, and manufacturing. It helps them improve the efficiency of their point-of-sale systems, reduce operational procedures and errors, and enhance data accuracy and financial settlements. This launch also supports the Central Bank of Egypt's efforts to develop the national infrastructure for digital payments and expand SoftPOS applications on smartphones and tablets, contributing to increased financial inclusion, supporting the transition to a less cash-dependent society, and achieving the goals of Egypt's Vision 2030.

With this, Fawry continues to solidify its position as a key partner in supporting digital transformation and developing the electronic payments system in Egypt by providing innovative financial solutions and strategic partnerships that empower companies to adopt the latest digital technologies in line with the objectives of Egypt's Vision 2030.

The Arab African International Bank (AAIB) continued its series of specialized events supporting the business community with a training session on trade finance. The session targeted one of the bank's corporate clients and its employees, aiming to enhance their knowledge of the latest practices and solutions in this field.

This initiative is part of AAIB's efforts to empower companies to make more efficient financial and commercial decisions by transferring practical expertise and exchanging best practices. This contributes to strengthening their ability to grow and expand in local and international markets.

During the session, a select group of AAIB trade finance experts reviewed the latest banking solutions and tools related to trade finance, mechanisms for managing trade transactions, and best practices for risk management. This helps companies improve the efficiency of their business operations, enhance their competitiveness, and capitalize on opportunities available in local and international markets.

This session reflects AAIB's approach of providing added value to its clients that goes beyond traditional banking solutions. By sharing specialized knowledge and expertise, AAIB supports business development and strengthens companies' ability to adapt to economic changes and make more efficient decisions. The Arab African International Bank continues to organize a series of specialized awareness sessions and programs within the “Beyond Banking” strategy, which aims to provide value that goes beyond traditional banking solutions by transferring knowledge, providing specialized expertise, and enabling companies to achieve continuous growth and enhance their competitiveness, thus consolidating the Arab African International Bank’s position as a strategic partner in the development of its clients’ businesses.

The Social Housing and Mortgage Finance Support Fund revealed that participating banks in the mortgage finance initiative for low- and middle-income individuals injected approximately EGP 5.094 billion to finance middle-income clients by the end of July 2026.

The total financing granted under the Central Bank of Egypt's initiative to finance housing units for middle-income individuals reached approximately EGP 5.154 billion by the end of last July, benefiting around 14,492 clients.

Banque du Caire topped the list of banks in terms of the value of financing granted to middle-income individuals, having injected EGP 1.349 billion into the accounts of approximately 3,384 clients, representing a 1.21% share of the total financing.

The National Bank of Egypt came in second place, with total financing of EGP 1.006 billion to approximately 3,096 clients, capturing a 0.91% share. Bank Misr provided approximately EGP 821.408 million in financing to around 2,517 clients, representing a 0.74% market share.

QNB Egypt provided approximately EGP 569.874 million in financing to around 1,412 clients, representing a 0.51% market share, while the Housing and Development Bank provided approximately EGP 559.001 million to around 1,507 clients, representing a 0.50% market share.

Commercial International Bank (CIB) provided EGP 312.818 million in financing to around 752 clients, representing a 0.28% market share.

The Arab African International Bank provided approximately EGP 256.464 million in financing to around 659 clients, representing a 0.23% market share. Next Bank also provided financing worth EGP 133.782 million to approximately 322 clients, representing a 0.12% share, while United Bank provided financing of approximately EGP 51.072 million, benefiting 137 clients, representing a 0.05% share.

These financings come within the framework of the Central Bank of Egypt's mortgage finance initiative, which aims to support low- and middle-income individuals and facilitate their access to housing units through financing programs with subsidized terms and interest rates.

In line with the directives of Dr. Mohamed Farid, Minister of Investment and Foreign Trade, to deepen investment cooperation, Dr. Mohamed Awad, CEO of the General Authority for Investment and Free Zones, met with a delegation from the Oman Chamber of Commerce and Industry – North Al Batinah Branch, in the presence of high-level representatives from key government and private institutions in the Sultanate of Oman, to discuss investment opportunities between the two countries.

Dr. Mohamed Awad emphasized the necessity of deepening investment cooperation between the two countries to keep pace with the political and popular rapprochement and the long-standing historical ties between them, noting the importance of maximizing the benefits of both countries' membership in the Greater Arab Free Trade Area (GAFTA). Dr. Mohamed Awad reviewed the diverse investment systems offered by the General Authority for Investment, most notably free and investment zones and domestic investment companies, which cater to the varied needs of investors. He pointed out that Egypt's leading position among African countries receiving foreign direct investment for six consecutive years is not a coincidence, but rather the result of a robust economic reform program and substantial spending on infrastructure development. He also highlighted Egypt's key advantages, including its unique strategic location, large and diverse market, flexible investment regulations, and broad access to international markets. The CEO of the Authority also presented an overview of the latest developments in Egypt's investment environment, particularly regarding digital transformation and the simplification of investment procedures.

For his part, Engineer Saeed bin Ali Al-Abri, Chairman of the Board of Directors of the Oman Chamber of Commerce and Industry branch in North Al Batinah Governorate, affirmed that the two countries' strategic locations give them a significant competitive advantage in participating in global value chains. He added that Oman enjoys strong trade relations and agreements with East Asian countries, while Egypt has exceptional relations with African nations, opening new horizons for Egyptian-Omani investment partnerships.

Central Agency for Public Mobilization and Statistics issued today 9 / 8 / 2026 Monthly bulletin of “Foreign Trade Data” May 2026
The deficit value of trade Balance reached 3.99 billion dollars during May 2026, versus 4.00 billion dollars for the same month of previous year, a decrease by 0.30 %.



The most important indicators is the following:

• Exports:

Exports value increased by 3.58 % as it reached 4.53 billion dollars during May 2026, versus 4.37 billion dollars for the same month of previous year, due to increased value of some commodities such as:

(fresh fruits by 40.3%, fertilizers by 9.4%, plastics in their primary forms by 29.1% , Crude oil by 56.4% ).

While exports value of some commodities decreased during May 2026, versus the same month of previous year such as (Ready-made clothes by 10.4%, various food preparations and pastries by 12.6%, iron bars, rods, angles and wires by 50.2%, carpets and rugs by 12.4%).

• Imports:
Imports value increased by 1.72 % as it reached 8.52 billion dollars during May 2026, versus 8.37 billion dollars for the same month of previous year, due to increased value of some commodities such as:
(Natural gas by 96.8%, petroleum products by 18.2%, raw materials of iron or steel by 3.3% , wheat by 33.5% ).

Imports of some commodities decreased in May 2026, versus the same month of previous year such as : (Plastics in their primary forms by 15.6%, pharmaceuticals and medicinal preparations by 39.1%, corn by 4.0%, organic and inorganic chemicals by 24.9%).

Business Today-


Minister of Planning and Economic Development Ahmed Rostom reviewed Egypt’s labour market indicators for the second quarter of 2026 during a Cabinet meeting on Thursday.

Rostom said Egypt’s unemployment rate declined to 5.8% in the second quarter, down from 6% in the first quarter, reflecting continued improvement in labour market performance.

Male unemployment fell to 3.4% from 3.6% during the same period. However, the unemployment rate among women edged up to 14.4% from 14.3%, highlighting the need to continue implementing policies and programmes that create more employment opportunities, particularly for women.

Labour market indicators also showed a persistent gap between urban and rural areas. Urban unemployment rose to 8.8% in the second quarter, while the rate in rural areas fell to 3.5%, compared with 4.2% in the previous quarter.

Egypt’s labour force increased by 0.6% to approximately 35.64 million people, up from 35.41 million in the first quarter. Meanwhile, the number of unemployed people declined by 2.4% to around 2.08 million, compared with 2.13 million in the preceding quarter.

The number of employed people rose by 0.8% to approximately 33.6 million, from 33.3 million in the first quarter. Male employment reached around 26.9 million, while the number of employed women stood at approximately 6.67 million.

Agriculture and fishing remained Egypt’s largest source of employment, accounting for around 6.25 million workers, or 18.6% of the total. Wholesale and retail trade followed with 17.2%, manufacturing with 13.5%, construction with 11.8%, and transportation and storage with 9.3%.

Rostom said the figures reflect continued improvement in Egypt’s labour market. Agriculture remains the country’s leading source of employment, followed by trade, while the manufacturing, construction and transportation sectors continue to play a pivotal role in job creation and supporting economic growth.

Business Today-

Egypt’s trade deficit narrowed slightly in May 2026, marking its first year-on-year decline since September 2025, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).



CAPMAS’ latest monthly foreign trade bulletin showed that the deficit fell by 0.3% year on year to $3.99 billion. Exports increased by 3.58% to $4.53 billion, while imports rose by around 1.72% to $8.52 billion, compared with $8.37 billion in May 2025.



Export growth was primarily driven by a 40.3% increase in fresh fruit exports. Fertilizer exports also rose by 9.4%, plastics in primary forms by 29.1%, and crude oil by 56.4%.



However, exports of several commodities declined during the month. Ready-made garment exports fell by 10.4%, while pastes and food preparations dropped by 12.6%. Exports of iron bars, rods, angles, and wires plunged by 50.2%, while carpets and kilims declined by 12.4%.



On the import side, growth was mainly driven by a 96.8% surge in natural gas imports. Imports of petroleum products increased by 18.2%, raw materials of iron and steel by 3.3%, and wheat by 33.5%.



Meanwhile, imports of plastics in primary forms decreased by 15.6%. Pharmaceutical products fell by 39.1%, corn by 4%, and organic and inorganic chemicals by 24.9%.



Before May, Egypt’s trade deficit had last recorded a year-on-year decline in September 2025, when it fell by 27.6% to $3.3 billion.

Business Today-

Prime Minister Mostafa Madbouly began an extensive tour to inaugurate and inspect several development and service projects underway in Matrouh Governorate. The tour also included a review of the latest progress on the Alam Al-Roum development project.



Madbouly highlighted the government’s significant attention to Matrouh in recent years, reflected in the implementation of numerous projects aimed at improving residents’ quality of life and creating employment opportunities across the governorate.



He said the projects seek to achieve integrated urban development through new cities, ports, modern road networks, seawater desalination plants, drinking water and sanitation facilities, as well as the construction, renovation, and upgrading of healthcare facilities and electricity infrastructure.



The projects also include the first line of Egypt’s high-speed electric rail network, connecting Ain Sokhna, Alamein, and Matrouh, which is scheduled to begin trial operations in September 2026.



Madbouly said the field tour would cover a diverse range of service and development projects designed to improve the quality of life in Matrouh, alongside an assessment of the latest developments in the Alam Al-Roum project.



He emphasized the importance of the project, describing it as a major investment partnership between Egypt and Qatari Diar. The development aims to establish a new economic and urban hub on the North Coast as part of the government’s plans to maximize the use of coastal land and create well-planned tourism and urban communities.



Madbouly stressed that Alam Al-Roum is being developed as a fully integrated, world-class city that will operate throughout the year, rather than as a seasonal tourist resort, in line with Egypt’s plans to achieve comprehensive development in the promising region.

Business Today-

Prime Minister Mostafa Madbouly witnessed the launch of the first phase of Qatari Diar’s Alam Al-Roum project in Matrouh, with investments estimated at EGP 220 billion and around 30,000 direct and indirect jobs expected to be created.



The first phase will span four million square metres, with a total built-up area of 1.4 million square metres. It will feature a two-kilometre beach and promenade, natural lagoons connected to the sea, and 195,000 square metres of artificial swimmable lagoons.



Open spaces will account for around 85% of the phase, which will also include a city-centre marina with 50 yacht berths, four hotels offering more than 1,000 rooms, sports centres, retail outlets and international restaurants. Delivery is scheduled to begin in 2030.



The first phase forms part of the wider $29.7 billion Alam Al-Roum development, including $3.5 billion in direct cash investment, which Qatari Diar is implementing in partnership with the Egyptian government.



Madbouly and his accompanying delegation were received by Housing, Utilities and Urban Communities Minister Randa El-Manshawy, Qatari Diar CEO Hamad bin Talal Al Thani, and senior officials from the ministry and the company.



The prime minister reaffirmed the government’s commitment to accelerating comprehensive development across the Northwestern Coast, leveraging the region’s competitive advantages to attract local and foreign investment.



He said the launch of the first phase represents a significant step in the region’s urban and investment development and supports efforts to strengthen the North Coast’s position as a leading tourism and investment destination on the Mediterranean.



El-Manshawy said the implementation of large-scale projects along the North Coast reflects Egypt’s success in establishing an attractive urban and investment environment through infrastructure development and upgrades to roads and utilities.



She added that the project would support the Egyptian economy, create opportunities for construction companies and related industries, and increase private-sector participation in urban and tourism development.



The overall Alam Al-Roum project will cover 20.58 million square metres and feature a 7.2-kilometre Mediterranean waterfront. It is planned as an integrated coastal city combining residential, tourism, commercial, cultural, entertainment, educational and healthcare facilities.



The master plan includes 22 kilometres of lagoons connected directly to the sea, 850,000 square metres of artificial swimmable lagoons, an international marina with 370 yacht berths and a local marina with another 120 berths.



It will also feature an 18-hole international golf course covering nearly 980,000 square metres, as well as more than 3,500 hotel rooms across a collection of international hotels and resorts.



The development is expected to generate more than 250,000 direct and indirect jobs upon completion and create significant opportunities for Egyptian and international construction companies.



Qatari Diar CEO Hamad bin Talal Al Thani described Alam Al-Roum as one of the company’s largest integrated urban and tourism projects worldwide and its biggest development in Egypt.



He said the city would be designed around walkability, with integrated pedestrian and cycling routes, smart mobility solutions and advanced sustainability standards covering water management, biodiversity protection and climate resilience.



The project will benefit from its proximity to Ras El-Hekma and Marsa Matrouh airports, as well as its connections to the International Coastal Road and Egypt’s high-speed electric rail network.



Al Thani reaffirmed Qatari Diar’s commitment to beginning delivery of the first phase in 2030, supported by Egypt’s stable investment environment and long-term partnerships.

Egypt OIL & GAS-

Harbour Energy, an independent energy company, generated $6.4 billion in revenue during the six months ending June 30, representing a 20% increase compared to the same period of 2025.

This was mainly driven by record production resulting from strong operational execution and higher oil and European natural gas prices, according to the company’s press release on August 6.

The company’s earnings before interest, tax, depreciation, amortization, and exploration expenses (EBITDAX) rose to $4.4 billion in the first half (H1) of 2026, compared to $3.9 billion in H1 2025.

Harbour Energy also recorded a rise in adjusted profit after tax amounting to $562 million in H1 2026, up from $410 million in H1 2025.

“In a volatile macro environment, we remain focused on executing our strategy: sustaining our production, strengthening our portfolio, ensuring financial resilience and delivering competitive shareholder returns,” said Linda Z Cook, CEO of Harbour Energy.

Harbour continued to manage commodity price volatility through hedging. During H1, the company realized post-hedge prices of $84 per barrel for crude oil and $14.4 per thousand standard cubic feet (mscf) for European gas, compared with pre-hedge realized prices of $90 per barrel and $15.0/mscf, respectively.

It also secured additional commodity hedges, primarily through zero-cost collars covering European gas production for the second half of 2026 and the full year 2027.

On the operational front, Harbour continued advancing developments across its portfolio. In Egypt, Harbour Energy commenced development of the Fayoum-Messinian gas field, utilizing existing West Nile Delta infrastructure, with first gas targeted before the end of 2026.

In addition, the company appraised the EZZ-2 discovery in the Disouq Area onshore the Nile Delta and accelerated its production start-up into August 2026.

The Group’s total production reached a record 509,000 barrels of oil equivalent per day (boe/d) in H1 2026, up 4 % from 488,000 boe/d in H1 2025. Production comprised about 40% liquids, 40% European natural gas, and 20% international natural gas. Full-year global production guidance was upgraded to between 490,000 and 500,000 boe/d.

Internationally, the company progressed projects in Norway, the UK, the US Gulf of America, Argentina, and Mexico. It also completed the acquisition of LLOG Exploration Company LLC in the US as well as Waldorf in the UK, and the divestment of non-core assets in Indonesia.

Looking ahead, the company raised its 2026 free cash flow outlook to $1.8 billion, while accelerating shareholder returns through a newly announced $250 million share buyback.

Egypt OIL & GAS-

Egypt has taken the first steps toward implementing a recently signed memorandum of understanding (MoU) with ExxonMobil and QatarEnergy to study connecting the companies’ gas fields offshore Cyprus to Egypt’s natural gas infrastructure for re-export, the Ministry of Petroleum and Mineral Resources (MoPMR) said on August 6.

The implementation roadmap was discussed during a meeting in New Alamein between Karim Badawi, Minister of Petroleum and Mineral Resources, Kenan Nariman, Vice President of ExxonMobil LNG Market Development, and Diaa Soheil, Vice President and Venture Operations Manager at ExxonMobil Egypt Upstream Limited, and senior company executives.

The MoU signed by Egypt, ExxonMobil, and QatarEnergy is intended to evaluate the development and commercialization of ExxonMobil’s Cypriot fields, Glaucus and Pegasus in Block 10, by transporting their gas to Egypt’s existing processing and LNG export infrastructure.

Badawi described the meeting as the first executive step following the signing of the agreement, noting that both sides agreed to swiftly launch joint technical committees and establish implementation programs and clear timelines for technical, commercial, and regulatory studies.

Badawi said the planned connection of Cyprus’ gas discoveries to Egypt’s infrastructure builds on a series of regional cooperation initiatives, beginning with the Cronos project in partnership with Eni and TotalEnergies, followed by the Aphrodite project with Chevron, and now the collaboration with ExxonMobil and QatarEnergy. He said the projects collectively represent a model for regional integration that strengthens energy security across the Eastern Mediterranean.

Gas from the Cronos field will be transported to Egypt for processing, liquefaction, and re-export through its LNG facilities, while gas from Aphrodite will be supplied to Egypt under a 15-year agreement (extendable by five years), with Egypt receiving, processing, and exporting the gas via its existing infrastructure.

At the conclusion of the meeting, Badawi invited ExxonMobil’s leadership to participate in the Mediterranean Offshore Conference (MOC), scheduled for October, to showcase Egypt’s LNG infrastructure and explore additional investment and cooperation opportunities.

In late May, Egypt’s Ministry of Petroleum and Mineral Resources, ExxonMobil, and QatarEnergy signed a memorandum of understanding (MoU) to assess linking the partners’ offshore Cyprus gas discoveries to Egypt’s natural gas infrastructure.

Egypt OIL & GAS-

South Valley Egyptian Petroleum Holding Company (Ganope) organized an awareness session for its leaders and affiliated companies to strengthen crisis preparedness and improve responses to emergency situations, according to a company statement.

Held under the sponsorship of Samir Raslan, Chairman of Ganope, the session was titled “Crisis Management and Risk Reduction, Towards Institutional Readiness and Effective Crisis Response.” The event forms part of the Ministry of Petroleum and Mineral Resources’ efforts to develop the sector’s workforce and strengthen awareness of risk prevention and crisis management.

Sameh Samir El-Sayed, senior assistant at the Ministry of Petroleum and Mineral Resources’ General Secretariat, discussed recent approaches to crisis management and risk reduction. He highlighted the importance of early preparation and proactive planning in helping organizations respond effectively to emergencies.

The session also covered systematic crisis response, rapid decision-making, and the allocation of roles and responsibilities. Discussions addressed communication and coordination among relevant parties, alongside the role of training in preparing teams for different emergency scenarios.

Moreover, participants stressed the need to integrate prevention, preparedness, response, and recovery measures to reduce risks, protect lives and property, and maintain business continuity.

The session comes as the ministry works to strengthen safety and preparedness across petroleum companies and develop human resources as a key part of improving operational performance.

Recent safety activities across Egypt’s petroleum sector have included practical tests of emergency readiness. In July 2026, Egyptian General Petroleum Corporation (EGPC) CEO Salah Abdel Kerim conducted a surprise inspection at Misr Petroleum Company’s Mansoura depot, where a simulated fire drill tested firefighting equipment and emergency teams’ response.

Earlier, in December 2025, Middle East Oil Refinery Company (MIDOR) conducted a Level 3 simulated fire drill at its Alexandria refinery to test its emergency response and crisis management systems. The exercise supported efforts to strengthen health, safety, and environment (HSE) practices across the petroleum sector.

Egypt OIL & GAS-


Karim Badawi, Minister of Petroleum and Mineral Resources and Ahmed Rostom, Minister of Planning and Economic Development, met to discuss plans to boost oil and natural gas production and curb petroleum imports.

As part of the government’s FY2026/27 development plan, the two ministers reviewed investment and production priorities for the energy sector in the new fiscal year, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR)

Badawi said the ministry will focus on increasing oil and gas output, attracting new investment, reducing the petroleum product import bill and expanding local value-added activities while meeting domestic energy needs.

The ministry also plans to spend $4.5 bn on refinery development to increase local production and reduce reliance on imports. Another part of the plan involves receiving natural gas from Cyprus and re-exporting it to international markets through Egypt.

Also, Rostom highlighted the role of regular payments of dues to foreign petroleum partners in supporting new investment. He said the payments have helped create conditions for more exploration and production spending by international companies and private-sector investors.

Rostom stressed the importance of energy security as geopolitical tensions continue to affect the region and global markets. Furthermore, he described the petroleum and energy sector as a key support for economic activity and part of Egypt’s national security.

The meeting comes after Egypt’s petroleum sector returned to growth in Q3 FY2025/26. In June 2026, Rostom said the sector grew 0.7%, its first positive rate since Q1 FY2023/24, driven by higher domestic production of crude oil, condensates and liquefied petroleum gas (LPG).

Egypt OIL & GAS-


Vaalco Energy, an American independent oil and gas company, reported 30% increase in oil sales from its Egyptian operations during the second quarter (Q2) of 2026 compared to the previous quarter, generating $86.4 million. The increased sales were reflected in an 11% increase in net profit from the Egyptian operation over the same period, to $43.4 million, according to a statement by Vaalco.

Vaalco’s Egyptian production averaged 11,282 barrels of oil equivalent per day (boe/d) on a working-interest basis during Q2, compared with 11,264 boe/d in Q1 of 2026, and 10,929 boe/d a year earlier. On a net revenue interest (NRI) basis, Egypt’s production averaged 7,389 boe/d, compared to 7,644 boe/d in Q1 of 2026, and 7,612 in Q2 of 2025.

The company began drilling the HE-9 development well located in the Gulf of Suez in May, completed it in early June, and subsequently drilled two additional development wells, both of which were completed in July.

According to the statement, Vaalco is continuing its drilling program in Egypt in Q3 2026, alongside workovers, well interventions, well reactivations, water shut-off treatments, and production optimization activities.

Vaalco reduced its trade receivables in Egypt from $31.6 million at the end of 2025 to $12.9 million by June 30, 2026. Egypt fully cleared its $6.1 billion backlog of overdue debts to international oil companies (IOCs) in June 2026 after paying it down via regular monthly schedules over two years. Currently, the government is committed to repaying foreign partner dues every month.

Vaalco as a whole reported net profit of $42.4 million in Q2 of 2026, compared with $13.2 million in Q2 2025, supported by higher sales, stronger realized prices, hedging gains, and lower exploration expenses.

The company’s average commodity price increased to $80.77/boe in Q2, compared with $57.21/boe in Q1 and $54.87/boe a year earlier.

Commenting on the company’s performance, Vaalco CEO George Maxwell said, “In Q2 2026, we had strong sales volumes and increased realized pricing while we continued to positively progress our asset campaigns in Côte d’Ivoire, Gabon and Egypt. This drove improved earnings of $42.4 million or $0.39 per diluted share and $54.8 million in Adjusted EBITDAX.”

Vaalco’s total sales volumes increased 48% quarter-on-quarter (QoQ), a hike primarily attributable to the timing of liftings, the loading and sale of produced crude in Gabon, alongside increased Egyptian sales.

Vaalco Energy’s Q2 capital expenditures totaled $103.6 million, covering Egyptian and Gabon drilling and Baobab FPSO works in Côte d’Ivoire.

Out of Egypt, the company had an eventful quarter; it advanced drilling and production in Gabon during the quarter, bringing the Ebouri‑5H well online in June and continuing work at the SEENT platform. In Côte d’Ivoire, output from the Baobab field resumed in June after FPSO refurbishment, with first crude lifting slated for August and a new drilling campaign set for September.

The company also progressed development of the Kossipo field, where it holds a 60% working interest. In Equatorial Guinea, Vaalco is moving ahead with plans for the Venus discovery and targets a final investment decision in Q4 2026.

Vaalco, founded in 1985, holds a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Côte d’Ivoire, Equatorial Guinea and Nigeria.