Egypt targets doubling oil output through advanced drilling technologies, global partnerships
Minister of Petroleum and Mineral Resources Karim Badawi met with senior executives from international oil companies operating in Egypt to discuss advancing drilling technologies and accelerating field development in line with global best practices, as part of a five-year strategy to double the country’s crude oil production. During the meeting, Badawi highlighted the long-standing contributions of international oil companies to Egypt’s petroleum sector, noting their key role in boosting production over the past decades. Badawi outlined the ministry’s primary strategic objective of doubling oil production within five years through enhanced collaboration with international partners. This goal will be pursued by expanding drilling programs and deploying state-of-the-art technologies, particularly horizontal drilling techniques. To support these efforts, Badawi directed the development of updated contractual and technical mechanisms between the Egyptian General Petroleum Corporation (EGPC) and foreign partners.
Source:Daily News Egypt
February 09, 2026 18:17 UTC
Egypt invests EGP 26.5bn to upgrade power transmission network in FY2025
Egypt invested approximately EGP 26.5bn in fiscal year 2024/2025 to modernize and expand its power transmission network, enhance grid efficiency, and integrate renewable energy into the national grid, the Ministry of Electricity and Renewable Energy said. Minister of Electricity and Renewable Energy Mahmoud Esmat reaffirmed the government’s commitment to ensuring the availability of high-quality, continuous, and stable electricity while accelerating projects to upgrade and modernize the transmission system to accommodate the growing capacity of renewable sources. She said the investments – totaling around EGP 26.289bn – were directed toward rehabilitating and renewing extra-high and high-voltage substations and transmission lines, completing ongoing projects, and implementing new expansions. Renewable energy sources, including wind, solar, hydropower, and battery storage, account for about 14% of the national grid’s installed capacity, as Egypt moves toward its 2030 target of 42% renewables. She added that maintenance programs and the optimal operation of transmission networks have improved technical performance indicators.
Source:Daily News Egypt
February 09, 2026 18:06 UTC
Harby Group launches construction of Seven Residence in October Gardens
Harby Group has commenced construction on its latest residential development, Seven Residence, in October Gardens, following the receipt of ministerial approvals and the implementation of a payment model that links customer installments to construction progress. The development is designed to promote a balanced lifestyle that prioritizes open spaces, sustainability, and community living. Seven Residence is divided into seven fully integrated zones, each offering distinct residential concepts within a gated community that combines privacy, comfort, and ease of access. Its proximity to universities and major service hubs enhances its appeal and positions it competitively within West Cairo’s growing residential market. The company emphasized that its fully integrated development model – encompassing planning, infrastructure development, and construction – ensures timely project delivery and alignment with evolving market demand, while maintaining high standards of quality and sustainability.
Source:Daily News Egypt
February 09, 2026 18:06 UTC
Egypt, India discuss March trade mission to expand industrial exports
Abou El Makarem said Egyptian non-oil exports to India recorded strong growth of 28% in 2025, reaching $706m, up from $552m in 2024. He highlighted India’s strong global trade position, with total foreign trade reaching $1.1tr and industrial exports amounting to $850bn. He also proposed organising a specialised Egyptian trade mission to India in March 2026, scheduled for March 27–28, focusing on plastics products and machinery following the end of Ramadan. He cited India’s experience with Brazil, where increased trade missions helped boost bilateral trade to more than $16bn despite geographical distance, affirming India’s full support for the Egyptian trade mission, including logistical assistance, travel facilitation, and accommodation support to ensure tangible outcomes. Praveen said India’s plastics exports currently range between $26bn and $27bn, with a target of reaching $40bn by the end of the decade.
Source:Daily News Egypt
February 09, 2026 17:06 UTC
Arab, Muslim states condemn Israeli measures in West Bank, reject annexation
The foreign ministers of Egypt, Jordan, the United Arab Emirates, Indonesia, Pakistan, Türkiye, Saudi Arabia, and Qatar condemned what they described as Israel’s “illegal measures” aimed at asserting sovereignty over the occupied West Bank, reaffirming their rejection of any attempts to annex Palestinian land. In a joint statement, the ministers said Israel’s actions seek to entrench settlements and impose a new legal and administrative reality in the West Bank, accelerating what they described as illegal annexation efforts and the displacement of Palestinians. They stressed that Israel holds no sovereignty over occupied Palestinian territory. The ministers warned that expansionist policies in the West Bank risk fuelling further violence and undermining efforts to achieve peace and stability in the region. The statement cited United Nations Security Council Resolution 2334, as well as a 2024 advisory opinion by the International Court of Justice, which found Israel’s continued presence in occupied Palestinian territory to be unlawful.
Source:Daily News Egypt
February 09, 2026 16:40 UTC
Epstein shadow haunts Westminster as Prince Andrew discloses sensitive trade files
Between meetings and official tours, Prince Andrew was transmitting sensitive government dossiers on Vietnam and Singapore directly to the private inbox of convicted sex offender Jeffrey Epstein. The correspondence shows the Prince sharing official reports and trade insights gathered during his state-funded travels—documents strictly protected by confidentiality protocols governing trade envoys. According to the newly released files, Prince Andrew circumvented these rules, providing Epstein with an insider’s view of British economic interests abroad. “I am sorry,” Starmer told victims of Epstein during a somber address on Thursday, an unprecedented admission of failure for a sitting Prime Minister. A pivotal moment occurred when Deputy Prime Minister Angela Rayner had to intervene personally to prevent a government defeat over a motion to release all documents related to Mandelson’s appointment.
Source:Daily News Egypt
February 09, 2026 16:40 UTC
CBE’s role is not to push currency up or down: Governor
Hassan Abdalla, Governor of the Central Bank of Egypt (CBE), participated in the second edition of the AlUla Conference for Emerging Market Economies, organised by the Saudi Ministry of Finance in partnership with the International Monetary Fund (IMF). Abdalla explained that this shift represents a fundamental change in Egypt’s monetary policy framework, with the CBE’s role now focused on setting a robust policy framework rather than managing a specific exchange rate level. He stressed that the CBE’s role is not to push the currency up or down, but to establish a strong and resilient system that allows the exchange rate to respond to supply and demand forces. These initiatives aim to bridge gaps created by traditional macroeconomic indicators that fail to capture real-time economic conditions, accelerating decision-making and supporting more forward-looking monetary policy. Abdalla said Egypt’s net international reserves reached a historic $52.6bn in January 2026, covering 6.3 months of imports and equivalent to around 158% of short-term external debt.
Source:Daily News Egypt
February 09, 2026 16:35 UTC
Egypt’s FRA raises microfinance insurance age limit to 65 in updated model
Egypt’s Financial Regulatory Authority (FRA) has raised the maximum age for microfinance insurance from 60 to 65 years as part of an updated standard group insurance model, according to a statement from the authority. The decision, issued by FRA Chairperson Mohamed Farid, introduces a new framework for life and permanent total disability coverage for micro-project funding recipients. Under the updated model, insurance coverage may also be extended to individuals over the age of 65, subject to specific agreements between the insurer and the financing body. The policy covers death from any cause and permanent total disability. The contract defines permanent total disability as an incurable condition lasting six consecutive months that entirely prevents the insured from working.
Source:Daily News Egypt
February 09, 2026 16:35 UTC
Egypt’s Supply Ministry cuts frozen poultry prices ahead of Ramadan
Egypt’s Ministry of Supply and Internal Trade has ordered a significant reduction in the price of frozen poultry at state-affiliated outlets and “Ahlan Ramadan” exhibitions, moving the price below the current rate of EGP 120, Minister Sherif Farouq said on Monday. The price cut is part of a broader effort to secure strategic commodity stocks and provide goods at affordable prices before the holy month of Ramadan. Farouq highlighted a tripartite agreement between the Ministries of Supply and Agriculture and the “Future of Egypt” Agency for Sustainable Development to import poultry and poultry parts. Regarding market readiness for Ramadan, the minister noted that following field tours in Dakahlia and Alexandria last week, the ministry is prepared to open two main “Ahlan Ramadan” exhibitions in Cairo and Giza this week. He called for the expansion of outlets and exhibitions to ensure that high-quality goods remain available at fair prices to maintain market stability.
Source:Daily News Egypt
February 09, 2026 16:35 UTC
Over 1,500 German firms operate in Egypt with $4.9bn in investments: Minister
In his address, El-Khatib said the forum comes amid major global shifts, as the world moves towards resilience, geographical proximity, and trusted partnerships, making strategic industrial cooperation more critical than ever. He noted that economic relations between Egypt and Germany are historic and built on trust and real investment, with more than 1,500 German companies currently operating in Egypt and total investments estimated at around $4.9bn. He said Egypt recorded its lowest trade deficit since 2010 at $34.2bn, while total trade reached a record $132bn. Rouenhoff added that German companies are showing growing interest in expanding investments in Egypt, driven by extensive infrastructure development and improvements in the business environment. Rouenhoff said key areas for cooperation include conventional and renewable energy, infrastructure and transport, industry, and technology, supporting the economic interests of both countries and fostering future growth.
Source:Daily News Egypt
February 09, 2026 16:21 UTC
MSMEDA signs EGP 500m funding agreement with Suez Canal Bank
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has signed a financing agreement worth EGP 500m with Suez Canal Bank to expand funding for industrial and productive projects and support export activities. The agreement was signed at Suez Canal Bank’s headquarters by Basil Rahmy, Chief Executive Officer of MSMEDA, and Akef El Maghraby, Chief Executive Officer and Managing Director of Suez Canal Bank. Rahmy explained that the agreement falls under the Ministry of Finance’s export support initiative, which aims to encourage MSMEs to expand their export activities. Rahmy also praised the ongoing cooperation between MSMEDA and Suez Canal Bank in supporting MSMEs, noting that the new funding will primarily target small and medium-sized industrial and productive projects, particularly those engaged in exporting. For his part, El Maghraby said the cooperation represents an important step in Suez Canal Bank’s efforts to support the MSME sector.
Source:Daily News Egypt
February 09, 2026 16:20 UTC
CIB provides $72m financing to Paradise to build region’s largest eco-friendly fabric plant
Commercial International Bank–Egypt (CIB) has signed a partnership and financing agreement with Paradise Textiles and several affiliated companies to support the establishment of the region’s largest fabric manufacturing plant in the Amreya Public Free Zone in Alexandria Governorate, underscoring the bank’s commitment to backing large-scale industrial projects with environmental and export potential. The total investment cost of the project stands at around $102m, with CIB providing financing of $72m to be disbursed in three phases. LEED certification holds strategic importance for Paradise Textiles, particularly as the company is a major exporter to the US market and seeks to work with leading global brands, for which sustainability certifications are increasingly a prerequisite for competitiveness and market access. “At CIB, we believe our responsibility as the largest private-sector bank in Egypt extends beyond providing traditional financing solutions,” El-Genainy said. “We aim to empower national projects capable of competing globally and delivering a qualitative leap in Egyptian exports.
Source:Daily News Egypt
February 09, 2026 16:15 UTC
Iran shackles reformist leaders as Washington signals military brinkmanship
Alongside Mansouri, veteran figures Mohsen Aminzadeh, a former deputy foreign minister, and the experienced politician Ebrahim Asghar-Zadeh were also detained. The Domestic Crackdown: Silencing the ‘Internal Front’This wave of arrests follows the bloodiest period of domestic unrest in the Islamic Republic’s modern history. The detentions also appear to be a response to a growing sense of betrayal within the reformist camp itself. Naval Diplomacy and the Muscat NegotiationsWhile the arrests unfolded in Tehran, the geopolitical stakes were being raised in the waters of the Arabian Sea. This military posturing serves as the backdrop to the first round of negotiations held in Muscat, Oman, last Friday.
Source:Daily News Egypt
February 09, 2026 16:05 UTC
Al-Sisi, UAE president discuss investment ties, Gaza situation in Abu Dhabi
Egyptian President Abdel Fattah Al-Sisi met UAE President Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi on Monday, where the two leaders discussed strengthening bilateral relations, expanding economic and investment cooperation, and key regional developments, including the situation in Gaza, the Egyptian presidency said. At a working lunch, Al-Sisi praised the high level of coordination and cooperation between Egypt and the UAE, stressing that Egypt remains open to further Emirati investment, particularly in trade and investment-related sectors. He described relations between the two countries as a cornerstone of Arab national security and a key pillar of regional stability. Sheikh Mohamed bin Zayed reaffirmed the UAE’s commitment to deepening cooperation with Egypt, especially in economic and investment fields, highlighting the strength and steady development of bilateral ties. They further emphasized the importance of continued consultation and coordination on regional and international issues to support stability, security, and development across the region.
Source:Daily News Egypt
February 09, 2026 15:20 UTC
Egypt, Spain discuss expanding health cooperation, organ transplantation
Egypt’s Deputy Prime Minister and Minister of Health Khaled Abdel Ghaffar met Spain’s Ambassador to Egypt, Sergio Romano Carranza Forrester, to discuss strengthening strategic partnerships in the health sector, the Egyptian Ministry of Health said on Monday. Abdel Ghaffar highlighted the depth of Egyptian–Spanish relations and their recent momentum, praising Spain’s role in supporting bilateral cooperation, particularly in healthcare, education, and medical training. The talks covered potential cooperation in organ transplantation, drawing on Spain’s globally recognised experience in the field, including the development of specialised infrastructure and the training of medical personnel. The two sides also discussed possible collaboration in ophthalmology through a partnership between Spain’s Barraquer Hospital and Egypt’s Memorial Institute of Ophthalmology. For his part, the Spanish ambassador reaffirmed his country’s commitment to deepening health cooperation with Egypt and expressed readiness to provide technical assistance and training support.
Source:Daily News Egypt
February 09, 2026 15:18 UTC