Egypt in July 2026: the most important developments in economy
Egypt's economy in July 2026 was shaped by the regional conflict around Iran and the security of shipping lanes. On July 6 Maersk and Hapag-Lloyd resumed transits through the Suez Canal, the first cargo shipments through it since the start of the Iran war, and on July 9 Maersk said it would resume Middle East to US East Coast service through the canal. Egypt's ports handled 22 percent more container traffic in the first half of the year. Later in the month Houthi attacks pushed shipments through the Bab al-Mandeb strait to near zero, Saudi Arabia shifted oil exports to the Suez route, and oil prices neared $100. On July 29 a drone struck a gas storage tanker at Damietta port, where a fire also broke out; no group claimed responsibility.
The government's financial position showed mixed signs. The Central Bank said annual core inflation rose to 14.3 percent in June, and the IMF cut its growth forecast for the current year to 4.4 percent. Foreign reserves exceeded $55 billion for the first time, and the dollar fell below 49 pounds on July 5 before rising again by month's end. Egypt plans to resume quarterly fuel price reviews, and the EU approved a €1.5 billion transfer under its support package on July 24. Egypt also cut its external obligations to the UAE by $1.3 billion, and foreign direct investment inflows for 2025 were put at between $15 billion and $15.5 billion, the highest in Africa.
Energy and investment drew the remaining attention. Egypt is in talks with energy companies on a multi-year LNG supply deal, and industry reports said it could face permanent gas imports as domestic output declines. Eni and TotalEnergies approved the Cronos gas project linking Cyprus to Egypt on July 28, and Egypt announced plans to drill 160 new oil and gas wells with $7.2 billion in investment. Siemens opened its first Egyptian plant, and Egypt and China's Jiangsu Changhong plan a $20 million automotive complex.
by WorldBrief & Maksim Micheliov | AI-generated summary
Click a day in the chart above for that day's brief.