Approximately $16.9 billion in foreign investment exited Egyptian government debt instruments denominated in local currency over a period of about seven weeks. This coincided with a decline in investor appetite for emerging markets and escalating tensions stemming from the war in the Middle East. The market subsequently recovered a significant portion of these inflows as regional tensions subsided, according to a recent report by IMF staff.

This data was included in the IMF staff report on the seventh review of Egypt's Extended Fund Facility (EFF) program and the second review of the Resilience and Sustainability Facility (RSF) arrangement, both of which were approved by the IMF Executive Board on July 30. Foreign holdings fell by more than 43%

The International Monetary Fund revealed that non-resident holdings of Egyptian domestic government debt reached a record high of $39.1 billion on February 18, 2026, before declining to $22.2 billion on April 8, a decrease of over 43%.

The Fund indicated that the reversal in portfolio flows resulted from a decline in global risk appetite towards emerging markets, coinciding with the arrival of significant treasury bill maturities during March.

The wave of investment outflows coincided with rising oil prices and financial market turmoil following the outbreak of war, which increased the sensitivity of foreign investor flows to energy price movements and global risk levels.

The completion of the two reviews enabled Egypt to access financing of approximately $1.8 billion, distributed between approximately $1.5 billion from the Extended Fund Facility and $272 million from the Resilience and Sustainability Facility

Return of foreign flows: Non-resident holdings began to recover slightly during May, before rising to $36.4 billion by June 24, following the signing of the agreement between the United States and Iran and a return of some investor appetite towards emerging markets.

The market thus recovered about $14.2 billion of the outflows that occurred during the crisis period, but foreign holdings remained about $2.7 billion below the record high recorded in February.

Despite this recovery, the IMF warned that portfolio investments remain highly sensitive to changes in global investor sentiment, which have become increasingly linked to the volatility of global oil prices.

The Egyptian pound falls by about 14% to 17%: The wave of capital outflows led to a decline in the exchange rate of the Egyptian pound by about 14% to 17% between its highest and lowest levels during March, according to the IMF report.

Return of portfolio investments: The pound recovered a large part of its losses, becoming only about 2.5% weaker compared to its level before the outbreak of war

The IMF stated that the gap between the official exchange rate and market-driven indicators, which reflect the equilibrium price, remained closed throughout the crisis, and banks did not record any accumulated unmet demand for foreign currency.

It added that the Central Bank of Egypt did not intervene in the foreign exchange market during this period, while the interbank currency market continued to operate normally, and banks executed their transactions according to supply and demand conditions, which supported the continuation of the price discovery process.

The performance of the exchange rate during the crisis represents a test of the flexible exchange rate system, which the IMF emphasizes the need to maintain, after the currency peg and the accumulation of demand for dollars were among the most prominent imbalances that preceded the amendment of Egypt's program in March 2024.

Net foreign assets of banks decline by 60%. Outflows were also reflected in the net foreign assets of Egyptian banks, which declined from a record high of $14.5 billion in January to $5.8 billion by the end of March

Thus, net foreign assets at banks fell by about $8.7 billion, or 60%, over two months, before partially recovering to $7.7 billion in May. Despite the pressures, total international reserves remained above the IMF's reserve adequacy ratio of 114 at the end of March and continued at strong levels with renewed foreign inflows.

The report noted that the central bank purchased foreign currency from the market after the return of inflows, while not using reserves to intervene to guide the exchange rate during the wave of capital outflows.

The price of total international reserves had reached $64 billion at the end of January, equivalent to about 119 on the reserve adequacy ratio, according to the IMF. The report explained that the data for total international reserves used by the IMF differs from the net foreign reserves announced periodically by the Central Bank of Egypt, due to the different scope and components of each indicator.

The IMF warns of financing fragility. The IMF considered that Egypt entered the latest crisis from a stronger economic position compared to previous waves of external pressures, supported by improved growth and inflation rates, international reserves, and the primary budget balance

However, the IMF also warned of persistent vulnerabilities related to high public debt and large financing needs, much of which remains short-term and dependent on foreign inflows.

The IMF believes that maintaining a flexible exchange rate, along with a tight monetary policy and more efficient public debt management, are essential to enhancing the Egyptian economy's resilience to portfolio flow volatility and external shocks in the coming period

The International Monetary Fund (IMF) affirmed that Egyptian banks possess strong levels of capital, liquidity, and profitability, enabling them to absorb temporary shocks in funding and markets without the need for exceptional support measures.

The IMF stated that the Egyptian banking system is generally sound, with key indicators continuing to exceed regulatory requirements, according to the IMF staff report on the seventh review of Egypt's Extended Fund Facility (EFF) program and the second review of the Resilience and Sustainability Facility (RSF) arrangement, issued in July 2026. Capital Adequacy at 19.3%

The capital adequacy ratio across the banking system reached 19.3% at the end of 2025, according to IMF data, remaining comfortably above regulatory requirements.

The capital adequacy ratio reflects a bank's ability to absorb potential losses by comparing capital to risk-weighted assets. The higher the ratio above

The regulatory threshold has increased the bank's ability to withstand losses resulting from loan defaults or the decline in the value of investments. The ratio in the IMF report differs slightly from some local data that indicated that capital adequacy reached 19.6% by the end of the last quarter of 2025, but both indicators confirm the strength of the capital base of Egyptian banks.

Strong liquidity levels. The IMF indicated that liquidity levels at Egyptian banks remained strong and well above the minimum regulatory thresholds, with large reserves available in both local and foreign currencies.

These reserves provide banks with greater capacity to meet withdrawal requests, fulfill their obligations, and finance their operations. They also give them a margin to absorb temporary disruptions in markets or funding sources.

The report noted that banks played a role in absorbing the outflow of foreign investments following the outbreak of the war, which contributed to a decline in their net foreign assets from their peak recorded in January, before partially recovering with the return of inflows and the improvement in market conditions.

Profitability supports banks' ability to withstand shocks. The return on assets of banks exceeded 2.5, with the return on equity continuing to rise, according to the IMF report

The report noted that bank profitability benefited in part from a higher net interest margin, which reflects the difference between the return banks earn from loans and investments and the cost of interest on deposits and other funding sources.

High profitability levels support banks' ability to build reserves and strengthen their capital bases through retained earnings, increasing their capacity to withstand any future losses.

No need to ease prudential restrictions now. The IMF said there is no need at present to ease the prudential supervisory tools applied to the banking sector, although their use could be considered if liquidity or capital levels deteriorate significantly.

The prudential tools include capital and liquidity requirements and restrictions on certain types of financing and risks, with the aim of maintaining the stability of the banking system and its ability to continue financing the economy during periods of stress.

The IMF believes that current conditions do not warrant allowing banks to use a portion of the additional supervisory reserves, although this could be done in the event of severe shocks

Despite the positive assessment of the banking sector's situation, the IMF warned of the continued high exposure of Egyptian banks to the government, which exposes them to risks related to changes in the value of debt instruments, liquidity, and refinancing maturities when markets come under pressure. The banks' exposure to the government reflects the size of their investments in sovereign debt treasury bills and bonds and financing of government entities compared to their total assets.

The report explained that Egyptian banks' exposure to the government is equivalent to about 35% of their assets, the second highest level among countries in the region. The high holdings of government debt instruments by banks do not mean they are exposed to automatic losses, but it increases their sensitivity to public finance conditions and interest rates as the concentration of assets in sovereign debt increases.

Strengthening Crisis Preparedness Plans

The IMF called on the Egyptian authorities to continue developing contingency plans and transforming them into actionable measures, testing them regularly to ensure that the relevant entities are ready to deal with crises.

These plans could include mechanisms for providing liquidity, dealing with a bank failure or disruptions to payment systems and cyberattacks, as well as defining the roles and responsibilities of the various entities before crises occur

The Fund also stressed that capital controls should remain a last resort, used only in cases of severe stress, and should not replace the monetary and fiscal policies needed to address the root causes of the crisis

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Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, held an expanded meeting to follow up on the latest developments in implementing the package of projects aimed at maximizing the added value of Egyptian mineral resources, primarily phosphate ore, through the establishment of industrial complexes for the production of phosphate fertilizers, phosphoric acid, and other products with high economic value, in partnership with national and international investors.

The Minister emphasized that maximizing the added value of mineral resources is a key pillar in the Ministry's strategy for developing the mining sector. He explained that Egypt possesses promising mineral resources and that the goal is to move from extracting raw materials to maximizing their value for the benefit of the Egyptian economy and establishing industries based on them, thus achieving the highest economic return

Engineer Karim Badawi pointed out that the multitude of projects currently underway or under study in the phosphate industries reflects the growing interest of the Egyptian private sector and international investors in investing in this field. He emphasized that this interest places a significant responsibility on the Egyptian Mineral Resources and Mining Industries Authority, in light of its new law, to work on transforming promising mining opportunities into productive and industrial projects on the ground.

The Minister directed the Authority's teams to intensify communication with investors and continuously monitor their projects, providing the necessary support to investors considering entering the sector to expedite their investment decisions. He also directed them to address challenges facing projects already in the implementation phase, streamline procedures, and coordinate with relevant authorities to accelerate work progress and completion rates.

He affirmed the Ministry's full support for the Authority's teams and its commitment to enabling them to fulfill their role in attracting investments and achieving the state's objectives for maximizing the utilization of mineral resources.

He noted that the presence of representatives from relevant ministries and agencies on the Authority's Board of Directors is a crucial factor in expediting coordination, addressing challenges, and facilitating procedures for investors, thereby enhancing the competitiveness of the investment environment in the mining sector

The meeting reviewed the implementation status of a package of industrial projects aimed at converting phosphate ore into high-value products. These include the Abu Tartour Company's phosphoric acid production project in the New Valley; the Elsewedy Group's project to establish an integrated phosphate and phosphate fertilizer complex in the Suez Canal Economic Zone; the PolyServe Group's project for phosphate ore extraction, processing, and manufacturing, and its phosphate industrial complex with Indorama International; the Chinese company Shengfa's project to establish a phosphate and chemical industrial complex in the Golden Triangle region; the Moving Vert Company's project to increase the concentration of phosphate ore and establish a phosphate fertilizer production complex; and the Genesis Company's project to explore for and produce phosphate ore and establish an industrial complex for phosphate fertilizer production.

The meeting also followed up on the status of the Incom Company's kaolin sand separation project, which will contribute to increasing the economic value of the raw materials and maximizing their utilization

This comes within the framework of the Ministry of Petroleum and Mineral Resources' direction to reformulate the system for exploiting Egyptian mineral resources on integrated industrial and investment foundations, maximizing the economic value of raw materials locally, and attracting investments and modern technologies, thus supporting the transformation of the mining sector into one of the pillars of industrial and economic growth in Egypt.

The meeting was attended by Geologist Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority; Engineer Mahmoud Nagi, Undersecretary of the Ministry overseeing Safety, Environment, Energy Efficiency, and Climate, and the Ministry's official spokesperson; Dr. Mohamed El-Bagoury, Head of the Central Department for Legal Affairs at the Ministry; Engineer Abeer El-Sherbiny, Head of the Central Department for the Minister's Technical Office; Engineer Lamia Anas, Head of the Central Department for Projects at the Authority; Geologist Mervat Abu El-Maati, Director General of Marketing and Promotion at the Authority; and the working teams responsible for the value-added projects package at the Authority

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Engineer Khaled Hashem, Minister of Industry, affirmed the state's keenness to replicate the industrial zones experience under the industrial developer system, considering it one of the main pillars for industrial development in Egypt. He pointed to the important role played by the Industrial Development Group (IDG) in enhancing added value and supporting integration between logistics services and manufacturing activities.

This came during the Minister of Industry's inspection of Industrial Complex 2 Alamein, belonging to the Industrial Development Group (IDG), in New Alamein City, to review the progress of the production process and follow up on the projects underway in the complex. The inspection was attended by Engineer Karim Sami Saad, Chairman of the Board of Directors of the Industrial Development Group; Engineer Mohamed Sami, Assistant Minister for Strategic Affairs; Dr. Ahmed Fikry Abdel Wahab, a member of the Group's Board of Directors; and Mr. Shady William, CEO of the Industrial Development Group.

Minister of Industry Inspects Industrial Complex 2 Alamein

Alamein Industrial Complex 2 was established in 2019 and is built on a total area of ​​2.7 million square meters. The first phase extends over an area of ​​500,000 square meters, and its infrastructure and facilities have been fully completed. The second phase of the project is currently being handed over.

The complex is distinguished by its strategic location near Alamein International Airport and the ports of Alexandria and Cairo, which enhances its role as a gateway for local and international trade.

The complex represents a model for sustainable industrial development, as it is the first industrial complex managed by the Industrial Development Group according to a comprehensive sustainability approach, through the application of advanced environmental solutions, including wastewater treatment systems, which contributes to raising the efficiency of resource use and reducing the environmental impact of industrial activities.

Minister of Industry inspects the "Khazan" project in Alamein City

The Minister of Industry's tour included an inspection of the "Khazan" project, belonging to the Industrial Development Group, which is the first self-storage project in Alamein City.

The project is built on a total area of ​​2,700 square meters and currently includes 18 storage units, each with an area of ​​15 square meters, with the possibility of increasing the areas and combining units according to customer needs

The project also provides monitoring systems and 24/7 access to storage units, offering flexible and secure solutions for individuals and businesses.

$6 Million Investment in New Concrete Plant

Hashem also inspected the New Concrete plant, which specializes in the production of building materials and cement products, including interlocking pavers and cement blocks.

The plant is located on an area of ​​18,500 square meters with investments of $6 million, and its production capacity reaches 1.5 million tons annually of cement products with a 100% local component

Minister of Industry Discusses IDG Investment Plans

On the sidelines of the tour, the Minister of Industry held an extensive meeting with the leaders of the Industrial Development Group to discuss the challenges facing the group and ways to address them, as well as to learn about its future investment plans. Dr. Nahed Youssef, Head of the Industrial Development Authority, was also present via video conference.

The meeting addressed the efforts of the Industrial Development Group, which possesses over 18 years of experience in developing industrial zones and complexes. The group works to provide integrated, ready-to-operate industrial complexes, supported by the necessary infrastructure and services to meet the requirements of modern manufacturing.

The Minister of Industry affirmed the Ministry's readiness to overcome any obstacles facing the group, thereby supporting production and facilitating the implementation of expansion and investment plans.

New Vocational Education Program in Partnership with the Private Sector

The meeting also touched upon the Industrial Development Group's efforts in supporting and developing technical education through the adoption of programs to train trainers, in addition to its direct management of 21

technical education schools in cooperation with the Ministry of Education and Technical Education. Ten of these schools have already been contracted

The Minister of Industry explained that the Ministry is working on developing a world-class vocational education program aimed at improving the quality of graduates from technical and vocational education and preparing them to compete in local and international labor markets.

He pointed out that the program will focus on developing essential skills, including language, effective communication, and proficiency in modern technology, in addition to specialized skills. It will also enhance practical training within factories and connect graduates with local and international companies.

He added that the program aims to bridge the gap between the increasing demand from the industrial sector for trained labor and the labor market's capacity to provide qualified personnel. This will be achieved through partnerships with the private sector, including the Industrial Development Group, to identify the actual needs of each industrial sector and provide the technical workforce capable of meeting them.

45 Billion Egyptian Pounds in Investments by the Industrial Development Group

For his part, Engineer Karim Sami Saad, Chairman of the Board of Directors of the Industrial Development Group, stated that since its inception, the Group has been committed to developing an integrated model that not only provides land and factories but also extends to providing the infrastructure, services, and solutions that investors need from the start of their operations and throughout their growth phases

He added that the group focuses on nurturing leading industries capable of driving and developing the national economy, and providing an integrated environment that helps them grow and expand, in line with the state's directions towards deepening local manufacturing.

He explained that the group owns land allocated for industrial complexes with a total area of ​​23.4 square kilometers, with investments amounting to approximately 45 billion Egyptian pounds, and manages a network of 4 integrated industrial complexes in strategic locations, including 2nd of October, the East Port Said Industrial Complex, e2 El Alamein, and New 2nd of October.

2: El Alamein: A Model for an Integrated Business Environment

Shady William, CEO of the Industrial Development Group, emphasized that the group focuses on providing an integrated investment experience in the 2nd of El Alamein complex by offering ready-made infrastructure, services, and facilities designed to meet investors' needs.

He pointed out that the strategic location of New El Alamein City and its connection to a network of logistics hubs and local and international markets enhance the complex's attractiveness for industrial investments.

He explained that the group aims to develop the complex beyond the concept of a traditional industrial zone, to be an integrated business environment that enables investors to establish, operate, and expand their businesses efficiently

Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with Engineer Ahmed Elsewedy, Chairman of Elsewedy Capital Investment Group, the latest developments and steps to expedite the implementation of the project to establish and operate a phosphate fertilizer plant in the Suez Canal Economic Zone. This project is being implemented in partnership between the Egyptian Mineral Resources and Mining Industries Authority, Wadico, and Elsewedy Capital Investment Group, within the framework of the state's strategy to maximize the added value of Egyptian raw materials and mineral resources.

The Minister emphasized that the project represents an important step towards developing the Egyptian phosphate exploitation system and maximizing its economic return. This will be achieved through expanding local manufacturing and converting mineral raw materials into high-value-added finished and intermediate products, thus contributing to supporting national industry and enhancing Egypt's production and export capabilities

The Minister praised the participation of Elsewedy Capital Investment Group in this important industrial project, stressing that strengthening partnerships with the private sector is a fundamental pillar in implementing manufacturing projects and maximizing the utilization of natural resources. This supports the state's efforts to localize industry and increase the added value of the Egyptian economy.

During the meeting, the Minister directed continued efforts to expedite the completion of the project's implementation procedures and overcome any challenges or obstacles that may arise during the implementation phases. He also emphasized the need to enhance coordination and integration among all relevant parties to ensure adherence to the targeted timelines and accelerate progress.

He affirmed that the Ministry of Petroleum and Mineral Resources prioritizes maximizing the added value of mineral resources by expanding the establishment of integrated industries that rely on Egyptian raw materials. This will achieve maximum economic benefit from these resources and open new horizons for investment, production, and export.

The project comes within the framework of the Ministry's direction towards transitioning the mining industry from the stage of extracting and trading raw materials to establishing integrated manufacturing industries. This will maximize the return from

Egyptian mineral resources and enhance the competitiveness of Egyptian products in local and global markets

The meeting was attended by Geologist Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority, Dr. Mohamed El-Bagoury, Head of the Central Administration for Legal Affairs at the Ministry, Geologist Reda Selim, Chairman of Wadico Company, and Engineer Abdel Rahman El-Sewedy, CEO of El-Sewedy Capital Investment Group, along with a number of leaders from the Mineral Resources and Mining Industries Authority and El-Sewedy Capital Investment Group

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During the approval of the 2025/2026 financial results for Marina and Al-Waha Petroleum Companies at the Egyptian General Petroleum Corporation headquarters, Eng. Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation, expressed his appreciation for the performance of the two companies' teams. He commended their efforts under the current circumstances to sustain operations and production, reassess areas, study available opportunities to increase production, and adhere to occupational safety and health regulations, environmental protection, and austerity plans, amidst global geopolitical tensions.

The Chairman pointed out that the nature of operations in production areas such as Sidi Rahman and Razak requires preparedness and study of work plans, maintenance, enhanced production methods, facility efficiency, safe operation, and environmental protection, given the recent discovery of new geological layers with promising potential in these areas.

Support for Exploration and Development Activities

During the Marina Assembly, both Engineer Ahmed Abdel Mohsen, Chairman of the National Petroleum Company of South Ramadan, and Engineer Osama El-Bakly, General Manager, emphasized their full commitment to supporting exploration and development activities in light of the promising results of the Rizk 6 well, which is currently being completed. This well represents a new exploration platform that opens the door to testing new layers in the company's concession areas. They expressed their appreciation for the support provided by the Ministry and the Authority for petroleum activities in the region, which has motivated the partners to prepare a study allocating $70 million for the five-year plan activities aimed at doubling production and reserves from the concession areas.

Safety and Environmental Protection Areas

Engineer Nasr Abdel Salam, Chairman of the Company, and his team presented a detailed overview of the most significant achievements during the past fiscal year. These included drilling a new well and spending $9.8 million on it, ensuring the sustainability of operations, developing safety and environmental protection practices, and accelerating the electrical connection of the Sidi Rahman area to the national electricity grid. This connection has positively impacted conservation plans. The CEO of the Authority directed Petromint to study the implementation of its new economic model for providing the necessary electricity for operations using solar energy in partnership with the private sector, according to a purchase tariff that does not burden companies with the costs of establishing power plants.

Facing and Overcoming Challenges

During the Al-Waha Petroleum Company's general assembly, Engineer Salah Abdel Karim emphasized the importance of continuing efforts to face and overcome challenges in the future. He stressed the need to take positive steps to resolve financing problems, ensuring improved company performance and increased production rates. He directed that a meeting be held soon with company leaders to identify all obstacles, address problems, and find the necessary solutions

Engineer Ali Merah, CEO of Sahara Oil Company, expressed his deep gratitude to the company's team for their performance and efforts despite the surrounding circumstances. He pledged to exert even greater effort to overcome the obstacles facing the company, improve performance, and increase production rates.

Meanwhile, Engineer Mohammed Sadiq, Chairman and Managing Director of Al Waha Oil Company, and the company's team reviewed the most important performance indicators during the 2025/2026 fiscal year. The average daily production rate reached 470 barrels of crude oil, indicating the maintenance of the company's operational processes. He explained that an ambitious plan had been developed to evaluate the wells in order to increase production and achieve sustainability.

Reducing Carbon Emissions

The company's results showed an expenditure of $6.6 million on operational processes, achieving 560,000 safe work hours without injuries, and conducting 190 hours of training for personnel. Additionally, carbon emissions were reduced by an average of 370 tons annually, achieving a 25% reduction in carbon dioxide emissions compared to the previous year. Furthermore, work is underway on the solar energy project, which is 70% complete, to reduce diesel consumption and carbon emissions, as part of plans to reduce costs, rationalize expenses, and ensure operational sustainability

The two meetings were attended by the Authority’s Executive Vice Presidents for Production, Engineer Tamer Idris, Agreements, Geologist Ahmed Abdo, Geological Exploration, Ahmed Kamal, Company Oversight, Accountant Walid Anwar, Planning and Projects, Engineer Ibrahim Mattawa, and his assistant for Occupational Safety, Health and Environmental Protection, Chemist Mohamed Sabry

Minister Follows Up on Implementation of Phosphate Fertilizer and Phosphoric Acid Projects from Phosphate Ore

Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, held an expanded meeting to follow up on the latest developments in the implementation of the package of projects aimed at maximizing the added value of Egyptian mineral resources, primarily phosphate ore, through the establishment of industrial complexes for the production of phosphate fertilizers, phosphoric acid, and other products

of high economic value, in partnership with national and international investors. The Minister emphasized that maximizing the added value of mineral resources is a key pillar in the Ministry's strategy for developing the mining sector, explaining that Egypt possesses promising mineral resources and that the goal is to move from extracting raw materials to maximizing their value for the benefit of the Egyptian economy and establishing industries based on them, in order to achieve the highest economic return

Engineer Karim Badawi pointed out that the numerous projects currently underway or under study in the phosphate industries reflect the growing interest of the Egyptian private sector and international investors in investing in this field. He emphasized that this interest places a significant responsibility on the Egyptian Mineral Resources and Mining Industries Authority, in light of its new law, to work on transforming promising mining opportunities into productive and industrial projects on the ground.

The Minister directed the Authority's teams to intensify communication with investors and continuously monitor their projects, providing the necessary support to investors considering entering the sector to expedite their investment decisions. He also directed them to address challenges facing projects already in the implementation phase, streamline procedures, and coordinate with relevant authorities to accelerate work processes and completion rates.

He affirmed the Ministry's full support for the Authority's teams and its commitment to enabling them to fulfill their role in attracting investments and achieving the state's objectives for maximizing the utilization of mineral resources. He noted that the presence of representatives from relevant ministries and agencies on the Authority's Board of Directors is a crucial factor in expediting coordination, addressing challenges, and facilitating procedures for investors, thereby enhancing the competitiveness of the investment environment in the mining sector

The meeting reviewed the implementation status of a package of industrial projects aimed at converting phosphate ore into high-value products. These include the Abu Tartour Company's phosphoric acid production project in the New Valley, the Elsewedy Group's project to establish an integrated phosphate and phosphate fertilizer complex in the Suez Canal Economic Zone, the PolyServe Group's project for fertilizers and chemicals to extract, utilize, and process phosphate ore, and the phosphate industries complex with Indorama International,

the Shengfa Company's project to establish a phosphate and chemical industries complex in the Golden Triangle region, the Moving Vert Company's project to increase the concentration of phosphate ore and establish a phosphate fertilizer production complex, and the Genesis Company's project to explore for and produce phosphate ore and establish an industrial complex for phosphate fertilizer production.

The meeting also followed up on the status of the Incom Company's project to separate kaolin sands, which will contribute to increasing the economic value of the raw materials and maximizing their utilization

This comes within the framework of the Ministry of Petroleum and Mineral Resources' direction to reformulate the system for exploiting Egyptian mineral resources on integrated industrial and investment foundations, maximizing the economic value of raw materials locally, and attracting investments and modern technologies, in order to support transforming the mining sector into one of the pillars of industrial and economic growth in

Egypt. The meeting was attended by Geologist Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority; Engineer Mahmoud Nagi, Undersecretary of the Ministry overseeing Safety, Environment, Energy Efficiency and Climate, and the Ministry's official spokesperson; Dr. Mohamed El-Bagoury, Head of the Central Department for Legal Affairs at the Ministry; Engineer Abeer El-Sherbiny, Head of the Central Department for the Minister's Technical Office; Engineer Lamia Anas, Head of the Central Department for Projects at the Authority; Geologist Mervat Abu El-Maati, Director General of Marketing and Promotion at the Authority; and the working teams responsible for the value-added projects package at the Authority

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We aim to raise customs awareness among employees and investors... within the framework of an integrated vision for institutional reform

Issuance of 17 updated guidance manuals... to further facilitate customs procedures with greater ease, explanation, and clarification

Head of the Customs Authority:

Clarifying and standardizing procedures for pre-clearance, manifests, free markets, the Authorized Economic Operator (AEO), customs warehouses, and temporary admission. Ahmed Kouchouk, Minister of Finance, affirmed that we are working to simplify concepts and procedures to ensure the standardization of customs transactions and facilitate matters for investors, noting that we aim to raise customs awareness among employees and investors within the framework of an integrated vision for institutional reform.

Kouchouk stated that 17 updated guidance manuals have been issued to further facilitate customs procedures with greater ease, explanation, and clarification

He added that these guides will be available in both print and electronic formats for easy access at any time, ensuring data accuracy and supporting the drive to improve the investment environment.

Ahmed Amawy, Head of the Customs Authority, explained that these guidelines include clarification and standardization of procedures for pre-clearance, manifests, duty-free shops, the Authorised Economic Operator (AEO), customs warehouses, and temporary admission.

He emphasized that the preparation of these guides is the result of a continuous collective effort by customs staff and leaders to compile, review, and classify all customs rules and procedures, transforming them into a practical reference that contributes to facilitating trade and supporting partnerships with investors and the business community

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Karim Badawi: Utilizing the Latest Technologies in Drilling and Exploration to Maximize Gas and Condensate Production

Engineer Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the production site of the Pharaonic Petroleum Company in Port Said Governorate to follow up on drilling, exploration, and field development programs in the company's operating areas in the Mediterranean Sea, as well as new projects currently underway, particularly the Harmattan gas field.

The Minister emphasized the importance of applying the latest technologies and techniques in drilling and exploration operations, which contributes to increasing success rates and maximizing the utilization of gas resources. He praised the Pharaonic Company's work plan in the areas of research, exploration, and field development. Accelerating

the Harmattan Field Connection Works. During the tour, the Minister directed the acceleration of the work to connect the offshore Harmattan field to production facilities and the study of all solutions and alternatives that would shorten the project's timeline. This would expedite the field's integration into the production map and allow for the utilization of its reserves and production potential to support gas supplies to the local market

Engineer Karim Badawi also praised the company's safety system, emphasizing the importance of continuing its development according to the latest international standards and maintaining the highest safety levels at all work sites. He also commended the efforts of workers in the petroleum sector and their role in supporting the stability of gas supplies to power plants and providing petroleum products to the local market.

During the tour, the Minister listened to an explanation from Engineer Hossam Zaki, Chairman of the Pharonic Petroleum Company, regarding the company's programs and plans to increase the production of natural gas and petroleum condensates, within the framework of the Ministry's strategy to raise production rates and maximize the utilization of existing infrastructure.

Zaki explained that the company succeeded in achieving 100% of its production plan during the 2025/2026 fiscal year, reviewing the status of field development projects and drilling and exploration programs in the company's operating areas.

The Chairman of the company reviewed the status of the gas development and production project from the Harmattan field in the Mediterranean Sea, which aims to produce approximately 200 million cubic feet of gas per day, in addition to 4,400 barrels of petroleum condensates per day

He explained that the necessary technical methods and solutions are currently being studied to expedite the timeline for bringing the field online. It will be connected to the Habi station via a 50 km gas pipeline.

Enppi is undertaking the project as the general contractor, in cooperation with Petrojet and Petroleum Marine Services (PMS).

Production and Exploration Opportunities

The company chairman also reviewed the production and exploration opportunities in the Ras El Bar, North Damietta, and El Burg offshore areas, noting that the Tort-6 well is planned to be brought online before the end of the year, with a targeted production rate of 40 million cubic feet of natural gas per day.

He also mentioned the drilling of the Atoll West exploration well by the Valaris 12-DS drilling rig, with investments of approximately $91 million and a depth of up to 6,000 meters. The exploration plan also includes drilling the Benio well in the Ras El Bar area

The tour was attended by Engineer Sayed Selim, Managing Director and CEO of the Egyptian Natural Gas Holding Company (EGAS), Engineer Mahmoud Nagi, Undersecretary of the Ministry for Safety, Environment, Energy Efficiency and Climate and the Ministry's official spokesperson, Engineer Ishaq Saad, Undersecretary of the Ministry for Production, Major General Hossam Nabil, Head of the Central Administration for Security at the Ministry, Engineer Wael Shaheen, Regional Vice President of BP in Egypt, Engineer Nasser Al-Yafei, CEO of Archeos, and a number of leaders of the Pharaonic Petroleum Company

Company name: International Company For Leasing (IncoLEASE)
Date: 18-08-2026
Time: 2:30 PM
Type: Extraordinary general assembly
Address: At the company's headquarters located at 9 Abdel Moneim Riad Street, Mohandessin, Giza and via communication technology and remote voting.
Details consider the following agenda:
-Adding real estate financing to the company's purpose
-Amending Article (3) of the company's Articles of Association
-Adding the required powers to conduct real estate financing activities

Company name: Golden Textiles & Clothes Wool
Date: 18-08-2026
Time: 2:30 PM
Type: Extraordinary general assembly
Address: At the company headquarters located in the Tenth of Ramadan, Plot 3/2, Ahmed Ismail Street - Industrial Area A1, and via remote communication and voting technology through the (E-magles) platform.
Details consider the following agenda:
1. Approval of the feasibility study outlining the reasons and justifications for increasing the authorized and issued capital.

2. Approval of the report by the company's auditor regarding the reasons and justifications for increasing the authorized and issued capital.

3. Consideration of the proposal submitted by the company's board of directors to increase the authorized capital from EGP 250,000,000 (two hundred and fifty million Egyptian pounds) to EGP 700,000,000 (seven hundred million Egyptian pounds) and to amend Article 6 of the company's articles of association.

4- Consider authorizing the Vice Chairman of the Board and the Managing Director, or the Managing Director individually, to sign the amendment agreement and take all necessary measures to obtain approval for the amendment to Article (6) of the company's Articles of Association from the relevant administrative authorities.

5- Consider the proposal submitted by the company's Board of Directors regarding increasing the company's issued capital from EGP 142,833,630 to EGP 500,000,000 by inviting existing shareholders to subscribe to the new shares at the nominal value of EGP 10 per share, each according to their shareholding percentage. The right to subscribe to the new shares will be traded separately from the original shares. The new shares will be financed in cash and from the outstanding credit balance of EGP 152,119,033 owed to Getix for Commercial and Industrial Investments LLC, as shown in the company's financial statements as of September 30, 2025, and as per Economic Performance Sector Report No. 3583/2026 issued on [date missing]. April 29, 2026
6- Consider authorizing the Vice Chairman of the Board and the Managing Director, or the Managing Director (individually), to take all necessary measures to announce the invitation to existing shareholders to subscribe to the new shares, determine the opening and closing dates for the subscription period, specify the dates for shareholders and purchasers entitled to subscribe to the new shares, reopen the subscription period (second phase) if the new shares are not fully subscribed, and determine the entity to receive subscriptions, after obtaining the approval of the Financial Regulatory Authority and coordinating with Misr for Central Clearing, Depository and Registry (MCDR) and the Egyptian Exchange.

7- Consider authorizing the Vice Chairman of the Board and the Managing Director, or the Managing Director (individually), to determine the trading period for the subscription rights in the new shares, separate from the original shares, the start and end dates of trading, and the beneficiaries, after obtaining the approval of the Financial Regulatory Authority and coordinating with MCDR and the Egyptian Exchange.

8- Consider authorizing the Board of Directors to amend Articles (6 and 7) of the company's Articles of Association in light of the results of the share subscription process. Increasing the issued capital and authorizing the company’s board of directors or whoever he authorizes to complete all procedures for increasing the capital before all the administrative and governmental bodies concerned with it.

The Listing Committee held on 12/08/2026 has approved to:
• List the capital decrease for ElSewedy Electric, from 2,140,777,876 to EGP 2,139,355,716.
• Such capital decrease is through Cancellation of 1,422,160 incentive shares at a par value of EGP 1.00 per share (due to the expiration of the incentive and motivation scheme).
Consequently, the company's listed capital shall be EGP 2,139,355,716 distributed over 2,139,355,716 shares at par value of EGP 1.00 per share.
• These amendments shall be added to EGX database effective 18/08/2025 trading session.

Minister Karim Badawi: Utilizing the Latest Drilling and Exploration Technologies to Maximize Gas and Condensate Production

Minister of Petroleum and Mineral Resources, Karim Badawi, inspected the production site of the Pharaonic Petroleum Company in Port Said Governorate to review drilling, exploration, and field development programs in the company's Mediterranean operating areas, as well as ongoing new projects, particularly the Harmattan gas field.

The Minister emphasized the importance of implementing the latest technologies and techniques in drilling and exploration operations to increase success rates and maximize the utilization of gas resources. He commended the Pharaonic Petroleum Company's work plan in the areas of research, exploration, and field development.

During the tour, the Minister directed the acceleration of work to connect the offshore Harmattan field to production facilities and the study of all solutions and alternatives that would shorten the project's timeline. This would expedite bringing the field online and utilizing its reserves and production potential to support gas supplies to the local market. Engineer Karim Badawi also praised the company's safety system, emphasizing the importance of continuing its development according to the latest international standards and maintaining the highest safety levels at all work sites. He also commended the efforts of petroleum sector employees and their role in supporting the stability of gas supplies to power plants and providing petroleum products to the local market.

During the tour, the Minister listened to a presentation from Engineer Hossam Zaki, Chairman of the Pharaonic Petroleum Company, about the company's programs and plans to increase natural gas and condensate production, within the framework of the Ministry's strategy to raise production rates and maximize the utilization of existing infrastructure.

Zaki explained that the company successfully achieved 100% of its production plan during the 2025/2026 fiscal year, reviewing the status of field development projects and drilling and exploration programs in the company's operating areas.

The company chairman reviewed the status of the Harmattan gas development and production project in the Mediterranean Sea, which aims to produce approximately 200 million cubic feet of gas per day, in addition to 4,400 barrels of condensate per day. He explained that the necessary technical methods and solutions are currently being studied to expedite the timeline for bringing the field online. This will involve connecting it to the Habi station via a 50-km gas pipeline. ENPPI is undertaking the project as the general contractor, in collaboration with Petrojet and Petroleum Marine Services (PMS).

The company chairman also reviewed the production and exploration opportunities in the Ras El Bar, North Damietta, and El Burg offshore areas, noting that the Tort-6 well is scheduled to be brought online before the end of the year, with a target production rate of 40 million cubic feet of natural gas per day.

He also mentioned the drilling of the Atoll West exploration well using the Valaris DS-12 drilling rig, with investments totaling approximately $91 million and reaching a depth of 6,000 meters. The exploration plan also includes drilling the Benio well in the Ras El Bar area. The tour was attended by Engineer Sayed Selim, Managing Director and CEO of the Egyptian Natural Gas Holding Company (EGAS), Engineer Mahmoud Nagi, Undersecretary of the Ministry for Safety, Environment, Energy Efficiency and Climate and the Ministry’s official spokesperson, Engineer Ishaq Saad, Undersecretary of the Ministry for Production, Major General Hossam Nabil, Head of the Central Administration for Security at the Ministry, Engineer Wael Shaheen, Regional Vice President of BP in Egypt, Engineer Nasser Al-Yafai, CEO of Archeos, and a number of leaders of the Pharaonic Petroleum Company.

The Central Bank of Egypt is offering treasury bills worth EGP 105 billion Sunday, with maturities of 91 and 273 days, in coordination with the Ministry of Finance. This will be done through two tranches: the first tranche is worth EGP 35 billion with a 91-day maturity, while the second tranche is worth EGP 70 billion with a 273-day maturity.

Treasury bills are a government debt instrument issued with maturities ranging from three months to one year; therefore, they are considered short-term securities.

The Monetary Policy Committee of the Central Bank of Egypt, in its last meeting, decided to maintain the key interest rates unchanged. Accordingly, the overnight deposit and lending rates and the Central Bank's main operation rate were kept at 19.00%, 20.00%, and 19.50%, respectively. The discount rate was also kept at 19.50%. The Ministry of Finance authorizes the Central Bank, throughout the fiscal year, to manage its own offerings of treasury bills and bonds in Egyptian pounds, provided that the proceeds are financed and spent on the items of the state’s general budget for the current fiscal year.

In 2025, 508 reform measures were implemented to support the private sector.
The Cabinet’s Information and Decision Support Center (IDSC) issued a report on the package of reform measures supporting the private sector during the period from May 2022 to December 2025.
Measures supporting investment and improving the business environment, along with legal, regulatory, and institutional reforms, accounted for the largest share at 69.7% of total reforms implemented.

The Cabinet’s Information and Decision Support Center (IDSC) monitored the package of reform measures adopted by the Egyptian government from May 2022 to December 2025, aimed at addressing the challenges facing the private sector, enhancing its contribution to GDP, creating jobs, and increasing investment and export rates.

These measures are part of the Egyptian government’s efforts to adopt an integrated package of reforms aimed at accelerating economic growth and achieving growth rates primarily driven by the private sector, which represents the core objective of the State Ownership Policy Document. The findings were presented in a recent report prepared by the IDSC.

In this context, Dr. Osama El-Gohary, Assistant to the Prime Minister and Chairman of the IDSC, said that the Egyptian government had sought during this period to adopt numerous reforms to accelerate economic growth and strengthen the private sector’s role as a key driver of growth.

He noted that approximately 1,008 reform measures supporting the private sector were implemented between May 2022 and December 2025, across six main pillars: monetary policy reforms and greater exchange-rate flexibility; strengthening competition and competitive neutrality; promoting the industrial sector; supporting investment and improving the business environment; legal, regulatory, and institutional reforms; and implementing the State Ownership Policy Document.

The report indicated that supporting investment and improving the business environment, together with legal, regulatory, and institutional reforms, accounted for the largest share, with 476 and 227 measures, respectively, representing approximately 69.7% of total reform measures implemented from May 2022 to December 2025.

In 2025 alone, approximately 508 reform measures were implemented, representing 50.4% of the total measures introduced during the period. A significant portion focused on supporting investment and improving the business environment and on legal, regulatory, and institutional reforms, with 287 and 99 measures, respectively, accounting for around 76% of all reforms implemented in 2025.

Monetary Policy Reforms

Regarding the first pillar, monetary policy reforms, the Assistant to the Prime Minister highlighted several important measures. The Central Bank of Egypt continued its efforts to maintain price stability, stimulate economic growth, and preserve a flexible exchange-rate policy.

As a result, the Egyptian pound recorded its strongest performance against the US dollar in 2025, appreciating by 6.1%. During 2025, headline and core inflation declined to 14.1% and 12.1%, respectively, compared with 28.3% and 27.2% in 2024, indicating a downward inflation trend throughout the year.

Competition and Competitive Neutrality

Regarding the second pillar, strengthening competition and competitive neutrality, the government implemented 26 reform measures between May 2022 and December 2025.

Among the most important measures was the Cabinet’s approval of a draft amendment to the Competition Protection and Anti-Monopoly Practices Law and its referral to the House of Representatives.

The Egyptian Competition Authority reviewed and ruled on 3,381 cases of various types since the implementation of its strategy (2021–2025), compared with only 401 decisions issued during 2014–2020, representing an increase of approximately 743%.

As a result, the Egyptian Competition Authority received the 2025 World Bank and International Competition Network Award for Advancing Competition Policy. It also won the International Antitrust Writing Award for the second consecutive year and the Competition Policy Award. Egypt additionally won the 2025 Competition Advocacy Contest launched by the International Competition Network and the World Bank for its initiative to promote competition in the education sector.

Industrial Sector

Regarding the third pillar, promoting the industrial sector, Dr. El-Gohary said it accounted for 220 reform measures, representing 21.8% of all reform measures implemented between May 2022 and December 2025.

Key measures included the announcement of regulations governing the leasing and renting of factories to promote industrial investment and ensure that industrial land reaches eligible investors.

A total of 1,128 industrial plots were offered across 26 industrial zones in 16 governorates. In addition, 386 vacant industrial units in 12 industrial complexes were offered through the Egypt Industrial Digital Platform, alongside a new package of incentives for distressed industrial projects.

The government also placed increasing emphasis on strengthening industrial activity within the Suez Canal Economic Zone. The number of operating factories there reached 204, in addition to 173 factories under construction, with investments exceeding $6.5 billion for projects that had entered operation by April 2026.

These reforms were reflected in improved industrial-sector indicators. Non-oil manufacturing activity recovered, recording growth of 14.7% in FY2024/2025, making it one of the fastest-growing economic sectors during the period and ending a two-year contraction.

Non-oil manufacturing also ranked first among economic sectors in terms of its contribution to growth, contributing approximately 1.7 percentage points to total growth of 4.4% in FY2024/2025. Egypt’s non-oil merchandise exports reached approximately $48.679 billion in 2025, an increase of 17.3% compared with 2024.

Supporting Investment and Improving the Business Environment

Regarding the fourth pillar, supporting investment and improving the business environment, the government implemented 476 reform measures, representing 47.2% of total reforms implemented between May 2022 and December 2025.

The Cabinet continued issuing golden licenses, bringing the total number granted to approximately 54 by April 2026. It also launched the pilot phase of the unified electronic platform for investment licensing and began the trial operation of a package of digital services for investors.

To support industrial investment, the Ministry of Industry launched the “Investor Support” mobile application to receive complaints from industrial investors. The Ministry of Planning and Economic Development also launched the second phase of the “Hafiz” platform for financial and technical support to the private sector in April 2025. The number of financial and technical services available through the platform rose to more than 90 financial services provided by 40 development partners as of March 2026.

As part of efforts to support digital transformation and facilitate investor services, the General Authority for Investment and Free Zones (GAFI) announced the activation of a service allowing limited liability companies to be incorporated exclusively through its unified electronic platform, without the need to visit GAFI headquarters or branches. This followed the same approach already applied to sole proprietorships and partnerships.

To promote trade openness and increase export capacity, Egypt continued its initiative supporting industrial, agricultural, and renewable-energy sectors by providing EGP 90 billion in financing facilities at an interest rate not exceeding 15% during FY2025/2026.

The government also announced a new export-support program for the first time in June 2025, allocating EGP 45 billion in the FY2025/2026 budget to support economic, productive, industrial, and export activities.

As part of efforts to simplify tax procedures, the Ministry of Finance launched the first package of tax incentives and facilitations, comprising 20 tax measures. Initial results showed significant success in strengthening confidence and partnership with the business community, resulting in an EGP 600 billion increase in tax revenues, or 35%, without imposing new burdens.

The ministry also announced a second package of tax facilitations containing 25 measures aimed at addressing investors’ requests, broadening the tax base, and supporting compliant taxpayers.

In cooperation with the banking sector, the government successfully reduced customs clearance time to 5.8 days, cutting time and costs by 65% and generating savings of $1.5 billion.

Dr. El-Gohary said these efforts were reflected in investment’s contribution to economic growth, which reached 2.45 percentage points during Q1 FY2025/2026, reflecting an improvement in capital formation.

Private investment rose to EGP 590.7 billion at constant prices, representing 57% of total investment excluding inventories during FY2024/2025, highlighting the private sector’s growing role in investment.

Furthermore, 450 foreign companies applied to establish businesses in Egypt between the beginning of March 2026 and April 2, driven by government measures to facilitate the business environment and attract investors. These measures included the launch of a digital licensing platform offering 440 investment services, as well as the activation of a one-stop-shop system that reduced transaction processing time to five minutes from 30 minutes.

Legal, Regulatory and Institutional Reforms

Regarding the fifth pillar, legal, regulatory, and institutional reforms, the government implemented 227 reform measures, representing 22.5% of total reforms during the period.

The procedures and guidelines for restructuring economic authorities, approved by the Cabinet, represented a key step in reforming the state-ownership framework. Collectively, these measures contributed to improvements in several indicators related to the effectiveness of government performance.

State Ownership Policy

Regarding the sixth and final pillar, implementation of the State Ownership Policy, Dr. El-Gohary said the government had proceeded with 43 reform measures.

Among the most important was the issuance of Law No. 170 of 2025, regulating certain provisions concerning state ownership of companies wholly or partially owned by the state. Article 2 of the law provides for the establishment of a central unit called the “State-Owned Companies Unit”, aimed at improving the management efficiency of state assets and implementing a restructuring plan for affiliated companies.

The government also updated the State Ownership Policy Document to strengthen the private sector’s role in economic activity and continued issuing periodic reports monitoring implementation of the policy. The latest was the third report monitoring implementation of the State Ownership Policy for Assets, launched in August 2025.

Dr. El-Gohary highlighted key indicators resulting from these efforts, reflecting Egypt’s continued implementation of the State Ownership Policy for Assets. Implementation of the four phases of the government’s IPO program, covering March 2022 to June 2025, reached approximately 48%, generating $5.86 billion.

The performance index for implementation of the State Ownership Policy Document reached 148.5 points in H1 2025, compared with 143.8 points in H2 2024, an improvement of 4.7 points.

Efforts to implement the State Ownership Policy for Assets also helped increase the private sector’s share of GDP to 79.4% in FY2024/2025, compared with approximately 74.8% in FY2022/2023, reflecting the policy’s success in stimulating the private sector and strengthening its role as a key driver of sustainable growth.

International Recognition

Finally, the reforms received a number of international endorsements. The International Monetary Fund (IMF) noted that the Egyptian economy had demonstrated strong growth indicators, with growth accelerating to 4.4% in FY2024/2025, compared with 2.4% in FY2023/2024.

The European Bank for Reconstruction and Development (EBRD) praised the increase in Egypt’s net international reserves to $47.4 billion in February 2025, the highest level in more than 20 years.

Moody’s Ratings noted that the Alam Al Roum deal between Egypt and Qatar demonstrated Egypt’s continued ability to attract major investments and contributed to macroeconomic stability.

Bloomberg praised the Egyptian pound for reaching its highest level in 2025, supported by exports, tourism, and workers’ remittances.

The Organisation for Economic Co-operation and Development (OECD) also noted significant growth in Egyptian banks’ SME and microenterprise loan portfolios, which expanded by 394% between December 2015 and March 2024.