AFRICAN LEADERS SET TO GATHER IN EGYPT FOR BUSINESS SUMMIT

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Agency Report

African leaders are expected to gather in Egypt on Friday for a business summit aimed at strengthening Cairo’s economic and diplomatic engagement across the continent.

The inaugural three-day Alamein Africa Forum is part of Egypt’s efforts to expand its influence in Africa, where China and Gulf countries, particularly the United Arab Emirates, have established significant economic and political ties.

After years of prioritising its relations with the Middle East and the Mediterranean, Egypt is seeking to deepen its engagement with other African countries.

Cairo has also sought support from African nations in its longstanding dispute with Ethiopia over the Grand Ethiopian Renaissance Dam, which Egypt considers a threat to its share of Nile waters.

More than 20 heads of state and government representatives are expected to attend Friday’s forum in the Mediterranean city of Alamein, alongside business executives, bankers and representatives of development institutions.

Egypt’s Deputy Foreign Minister for African Affairs, Mohamed Abu Bakr Saleh, described the gathering as an African platform designed to facilitate greater economic cooperation among countries across the continent.

He said the forum would allow businesses from different African regions to establish partnerships and agreements.

According to Saleh, the forum is expected to become a biennial event under an African Union mandate, with discussions covering infrastructure, trade, agriculture, healthcare, mining, technology and renewable energy.

Egyptian investments across Africa are estimated at about $14bn. One of the country’s major projects on the continent is Tanzania’s $3bn Julius Nyerere Hydropower Project, constructed by a consortium led by Egyptian companies.

Despite Africa’s vast resources, trade between African countries remains relatively low.

Intra-African trade stood at about $192bn in 2023, representing roughly 15 per cent of the continent’s total trade, compared with more than 55 per cent in Asia and over 70 per cent in Europe.

Africa attracted approximately $70bn in foreign direct investment in 2025, a small share of the estimated $1.6tn invested globally, according to the United Nations.

Saleh said the continent had substantial resources but needed to attract more investment to fully utilise them.

“Africa possesses vast resources, but they are still not being exploited to the level we would like to see,” he said.

The summit is also taking place amid the unresolved dispute between Egypt and Ethiopia over the Grand Ethiopian Renaissance Dam, Africa’s largest hydroelectric project.

Ethiopia maintains that the dam, which was inaugurated last year, is essential to its economic development, while Egypt has expressed concerns that its operation could affect Nile water supplies without a legally binding agreement.

Negotiations between the two countries have continued for more than a decade without producing a settlement.

Saleh maintained that Egypt’s position on protecting its water resources remained unchanged.

“Our position on Egypt’s water security has not changed and will not change,” he said, describing the issue as existential for Egypt.