Egypt in September 2026: the most important developments in economy
In September 2026 Egypt's economy was shaped by Red Sea shipping and a push for investment and growth. Egypt announced plans for new funds and a higher growth target on September 27 and earlier planned a $3 billion bond issue. Suez Canal traffic rose 27 percent in August and revenue reached $567 million, 56.7 percent more than a year earlier, according to canal chief Rabie. Container-ship tonnage through the canal rose 54.2 percent, and COSCO resumed southbound transits as shipping rerouted around the Strait of Hormuz. Houthi advances in the Red Sea and the closure of a Saudi pipeline put pressure on canal access. Oil reached $105 a barrel on September 10.
Currency and public finances formed the second theme. The Egyptian pound fell to a new low against the dollar on September 20, and the dollar rose to near 52 pounds on September 24 despite billion-dollar inflows. Inflation was expected to reach 15.5 percent in August, and hot money outflows resumed in mid-month before a strong return was reported on September 22. The IMF said stronger buffers and a flexible exchange rate helped Egypt absorb regional shocks. Egypt targeted a debt-to-GDP ratio of 78 percent by the end of fiscal year 2026/27 and renewed a currency swap with the United Arab Emirates worth 5 billion dirhams on September 29. National Bank of Egypt and Al Ahly received approvals to take over Banque Misr's UAE branches.
Investment announcements covered technology and industry. Egypt agreed to build its first large-scale AI data centre using Nvidia technology, and Vodafone Egypt planned to invest $1.1 billion in data centres. BME and CATL signed on for a battery plant valued at 2 billion Egyptian pounds, nine industrial projects worth $84.5 million opened in the Suez Canal Economic Zone, and a wind project attracted more than $1 billion. Exports to China rose by about 200 percent in the first half, and exports overall rose 37.4 percent to $5 billion in June.
Egypt also stated that it keeps all lawful options to protect Nile water security, and it moved to redraw its wheat import map away from Russia and Ukraine.
by WorldBrief & Maksim Micheliov | AI-generated summary
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