EgyptAir named World’s Most Improved Airline, jumping 64 ranks in three years

EgyptAir was named the World’s Most Improved Airline at the 2026 Skytrax World Airline Awards, ranking first globally ahead of Air India, Royal Jordanian, and American Airlines, according to a statement. The airline also jumped 22 spots in Skytrax’s global Top 100 rankings, climbing from 68th to 46th, its first-ever placement inside the world’s top 50. It separately picked up African-category wins for cabin crew, economy class, and overall service improvement.

Three-year streak: EgyptAir first cracked Skytrax’s Top 100 back in 2024 at the 88th spot, up from 110th the year before. By 2025, it had climbed to 68th and picked up its first-ever Best Airline in Africa for Passenger Services. The timing coincides with EgyptAir’s ongoing fleet renewal, with the airline receiving its first Airbus A350-900 in February, becoming the first North African carrier to fly the type. It also coincides with EgyptAir Holding Chairman Ahmed Adel’s plan to bring 12 new aircraft into the fleet in 2026 alone. The airline also ramped up its network buildout this month, launching direct Cairo-Los Angeles and Cairo-Chicago routes, as well as two weekly Cairo-Zanzibar flights on its 737-8 Max fleet.

A raise too far

Speed Medical can’t put its EGP 600 mn capital hike to shareholders after the Financial Regulatory Authority (FRA) blocked it from calling the extraordinary general meeting to sign off on the raise, according to a bourse filing (pdf). The FRA said a feasibility study did not show how the EGP 100 mn earmarked to repay a shareholder loan would be raised, or why it should be funded with equity rather than debt or internal cashflow. Another EGP 88.8 mn set aside for M&A carried no targets, timings, or valuations; regulators concluded the justifications weren’t enough.

IN CONTEXT- The move would have taken paid-in capital to EGP 932.7 mn from EGP 332.7 mn at the diagnostics company, whose equity has been almost entirely eaten by losses. Some EGP 94 mn was left as of the end of March, against EGP 251 mn of accumulated losses, with shareholder funding covering part of operating costs. The bulk of the proceeds, about EGP 267.2 mn (44.5% of the total), was headed for working capital and paying down existing obligations, including an EGP 100 mn shareholder loan and EGP 34 mn in bank debt.

REFRESHER- The company has been trying to sell Speed Hospitals, which is a unit with no operations or revenues, since last October, either by divesting the land and buildings or offloading its 80.25% stake. Osoul Arabia for Investment and Financial Consulting prepared a fair-value study for the asset, which is marketed in Egypt and the GCC. That stake, plus the EGP 136 mn the unit owes the parent, accounts for 72% of Speed Medical’s assets. It was also among the repeat offenders the bourse fined EGP 40k earlier this month for missing both its 1Q and 2Q 2026 financials.

A bigger trip to market

Roughly EGP 883 mn of securitized paper went to market for Banque Misr’s consumer finance arm, BM Consumer Finance (Souhoola), backed by a transferred receivables portfolio worth EGP 1.05 bn, according to a statement (pdf). The issuance, which is Souhoola’s third so far, was structured through Capital Securitization in two tranches: EGP 700 mn over 12 months (rated Prime 1 by MERIS) and EGP 183 mn over 22 months (rated A-).

REMEMBER- The new raise is 51% larger than December’s EGP 585 mn second issuance and 85% above its EGP 478 mn debut in November 2024, backed by a portfolio 43% bigger than the EGP 732 mn behind that second transaction. This brings three issuances to around EGP 1.95 bn of an EGP 3.5 bn program, by our math. The pricing environment has since tightened: the Central Bank of Egypt now caps single-originator securitization exposure and assigns 150% risk weight to short-term Prime 1 paper — the rating on Souhoola’s EGP 700 mn tranche.

From capacity to output

Ezz Elarab Elsewedy Investments (ESI) is targeting the production of 25k cars in 2027, up from 10k expected this year, Asharq Business reports, citing CEO Mohamed Saleh. To get there, the group plans to raise local content to 58% from 42% and open a new EGP 2 bn paint plant within six months. Revenues are scaling alongside this, and are expected to top EGP 2.5 bn this year, from around EGP 1 bn last year. On the partnership side, ESI has signed four assembly agreements recently and expects three more.

REMEMBER- ESI has already been building out the capacity behind that ramp. Its 6th of October complex is being expanded to 80k vehicles a year through a second car plant. The group has also been widening its manufacturing roster, including a JV with Rox to produce luxury EVs locally and an EGP 5 bn partnership with Chery-owned Omoda and Jaecoo to assemble their models in Egypt.

Age gates for social media

Social media platforms can no longer let children under 13 open independent personal accounts, according to a joint statement from the Supreme Council for Media Regulation (SCMR) and National Telecommunications Regulatory Authority (NTRA). Users aged 13 to 15 can still have accounts, but platforms must activate Safe Mode by default and prevent children from switching it off. Platforms must introduce age-verification measures, review existing accounts believed to belong to under-15s, and offer an appeals process for incorrect classifications. They have 30 days from notification to submit a compliance plan and three months to implement it.

We saw something like this coming: A senior government official told EnterpriseAM in January that Egypt was not pursuing an Australia-style blanket under-16 social media ban. By February, a draft law on age verification for children’s internet access had been submitted to the competent authorities.

From courtship to working groups

The second Egypt-Syria government meeting in Damascus agreed on implementation steps for priority-sector cooperation, according to a Foreign Ministry statement. They will look at setting up technical working groups soon, with both sides also wanting a joint business forum. The newly formed Egypt-Syria Business Council held its first meeting on the sidelines. Meanwhile, Egyptian Gas & Energy Association Chairman Khaled Abubakr held talks in Syria with council members, though no project or agreement was disclosed.

IN CONTEXT- The government completed its side of the joint business council last week, after months of Egyptian companies eyeing reconstruction. Energy cooperation already has two January MoUs on natural gas, petroleum-product supplies, and technical support for rehabilitating Syrian infrastructure.

An investment a long time coming

Local logistics provider Sky Ports will invest USD 12 mn in the first phase of its dry port in New Borg El Arab, having secured a 30-year concession to design, operate, and manage the facility, Al Borsa reports. Technical studies for the project — spanning 133 acres — are set for submission to the General Authority for Land and Dry Ports and Logistics Zones in early October.

ICYMI- After striving to get the project off the ground in 2020, the authority signed an MoU with Sky Ports to finance, build, and operate the dry port alongside a logistics zone in New Borg El Arab in May. The project is expected to handle some 120k containers annually — hauling about 6.7 mn tons of dry goods.

More under our radar:

• The Supply Ministry is in talks with the Islamic Development Bank and the International Islamic Trade Finance Corporation to secure funding for new grain silos and edible oil storage tanks. The proposed infrastructure projects aim to expand strategic reserve capacity, streamline commodity handling, and minimize post-harvest losses. (Statement)