Gov’t to clear USD 1.3 bn in outstanding arrears to oil companies by June

The Oil Ministry will settle its remaining USD 1.3 bn in arrears to international oil and gas companies by 30 June, fully clearing a backlog that reached USD 6.1 bn in mid-2024, according to a ministry statement. The accelerated timeline surpasses previous plans to reduce the country’s outstanding dues to USD 1.2 bn by the end of June, starting with an initial USD 500 mn payment in May.

Why it matters: Every unit of energy produced domestically is one unit of energy you don’t have to import, but to increase production, you need to increase investment. Clearing arrears is seen as a key part of rebuilding trust with energy companies and persuading them to step up their operations after years of production declines.

EFG Holding records 7% y-o-y growth in revenues in 2025

Our friends at EFG Holding saw their operating revenue rise 7% y-o-y to EGP 26.0 bn in 2025, driven by mixed performances from its main three verticals — investment bank EFG Hermes, commercial bank Bank NXT, and NBFI EFG Finance — according to their latest earnings release (pdf) and an accompanying statement (pdf). The group’s net income stood at EGP 4.1 bn for the year, down 5% from the year before.

Bank NXT’s revenues rose 52% y-o-y to EGP 7.5 bn, backed by a 30% increase in net interest income. The lender’s net income rose 77% y-o-y to EGP 3.1 bn, with the group’s share coming in at EGP 1.6 bn.

EFG Finance saw its revenue grow 39% y-o-y to EGP 6.7 bn, buoyed by increased revenues from its business lines and spearheaded by Valu, which saw a 56% y-o-y increase in revenues to EGP 3.0 bn. Tanmeyah also showed steady growth, with revenues rising 25% y-o-y to EGP 2.4 bn. EFG Finance’s net income jumped 45% y-o-y to EGP 1.2 bn.

EFG Hermes saw its revenues dip 19% y-o-y to EGP 11.9 bn over the same period, which it attributed to a “normalization from an exceptionally strong FY 2024 base” and weaker results in its holding and treasury department, as well as in its investment banking unit. EFG Hermes’ net income was down 50% to EGP 1.3 bn for the year.

Silver becomes the latest asset class to join Egypt’s inflation-hedging toolkit

Beltone Asset Management secured initial FRA approval for Egypt’s first-ever silver investment fund, Fadda. The fund will offer cumulative daily returns, providing a regulated vehicle for investors seeking exposure to silver at competitive market prices, according to a statement (pdf).

Positioned as a strategic tool for portfolio diversification and a hedge against volatility, Fadda introduces a new asset class to the Egyptian landscape, targeting medium- to long-term growth. While the full structural details and investment mechanisms are still under wraps, the subscription window is set to open immediately following Eid El Fitr via Beltone Securities Brokerage.

El Sisi embarks on Gulf tour to show solidarity amid Iranian strikes

President Abdel Fattah El Sisi visited the UAE, Qatar, Bahrain, and Saudi Arabia to voice “Egypt’s solidarity and full support for the brotherly Gulf Cooperation Council countries in light of the current regional conditions” over the Eid El Fitr break. During the meetings, El Sisi conveyed Egypt’s “rejection and condemnation of the Iranian attacks” and stressed how “the national security of the Gulf Cooperation Council countries is an extension of Egyptian national security.”

On Thursday, the president visited the UAE to meet his Emirati counterpart Mohamed bin Zayed Al Nahyan, before landing in Doha to meet Qatari Emir Tamim bin Hamad Al Thani, according to an Ittihadiya statement. On Saturday, El Sisi met Bahraini King Hamad bin Isa Al Khalifa in Manama, before heading to Riyadh to meet Saudi Crown Prince Mohammed bin Salman, according to a separate Ittihadiya statement.

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