20:38
cairo, gmt + 2
2 July
Thursday, 2026
Thu, 02 Jul 2026 - 09:34 GMT
The committee, which typically meets every three months to review fuel prices based on technical criteria and market indicators, will therefore convene between July and September to determine whether petroleum product prices should be raised, reduced or kept unchanged.
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The project will involve total investments of $300 million and will cover approximately 320,000 square metres in the Sokhna Industrial Zone, according to SCZone Chairman Walid Gamal El-Din.
The project is expected to attract investments of between $30 million and $35 million and will cover approximately 53,000 square metres, according to SCZone Chairman Walid Gamal El-Din.
Under the first agreement, KTDA DMCC will occupy 2,000 square metres at the logistics park.
The Fund attributed Egypt’s performance to the authorities’ swift and decisive policy response, noting that the economic impact of the war in the Middle East has remained relatively contained.
The grant will focus on strengthening electricity transmission infrastructure, improving grid efficiency, and ensuring the network can accommodate additional power generated from solar and wind projects.
Subject to approval by the IMF Executive Board, the completion of the reviews would unlock around $1.6 billion in financing, including $1.5 billion under the EFF and $136 million through the RSF.
The president made the remarks during a meeting with Osama Rabie, Chairman of the Suez Canal Authority, and Mostafa El Degeishy, Chairman of the South Red Sea Shipyard Company.
The three companies are Engineering for the Petroleum and Process Industries (Enppi), with issued capital of $357 million; the Egyptian Linear Alkyl Benzene Company (Elab), with $210 million; and Petroleum Marine Services, with $120 million.
The agreement was approved by the House of Representatives on March 30, 2026, and ratified by President Abdel Fattah El-Sisi on April 6, 2026.
After 15 years of suspended production, the government has been working to revive the automotive industry and reduce reliance on imported vehicles. The company currently manufactures the Nasr Sky tourist bus, with a local component rate of 63.5%; the Nasr Star minibus, with a local component rate exceeding 70%; and an electric minibus, according to a statement from the Egyptian cabinet on Friday.
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