Prime Minister Mostafa Madbouly met with members of the macroeconomic advisory committee to assess the impact of escalating regional geopolitical tensions and review a set of proposed scenarios, recommendations, and mitigation measures.

Prime Minister Mostafa Madbouly announced that two new oil fields in Egypt’s Western Desert will begin production next month, contributing to increased domestic output.

Prime Minister Mostafa Madbouly held a meeting to review Egypt’s readiness to secure sufficient supplies of petroleum products and natural gas, particularly for the electricity sector, ahead of peak summer consumption and amid heightened regional tensions following the Israeli military operation in Iran.

Egypt’s Minister of Electricity and Renewable Energy Mahmoud Esmat held a high-level meeting to review fuel reserves and direct electricity sector leaders to enhance preparedness to secure the national grid and ensure a stable power supply amid escalating emergency conditions in the region.

Egypt’s Minister of Supply and Internal Trade Sherif Farouk affirmed the full availability of all basic commodities in the local market, with a strategic stock sufficient for more than six month.

Egypt’s Nuclear and Radiological Regulatory Authority (ENRRA) confirmed that there are no indications of any change or increase in the radiation background across the country.

Revenues from the Suez Canal dropped by over 60% year on year (YoY) in 2024, resulting in an estimated $7 billion loss for Egypt.

Egypt has lost $6 billion in Suez Canal revenues over the past seven to eight months due to escalating geopolitical tensions in the region, President Abdel Fattah El-Sisi stated during the 2024 graduation ceremony of the Police Academy on September 29th.