53,265.16EGX 30 · Wednesday, Oct. 7 close (Thursday a holiday) · −0.06%

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52.34USD/EGP · National Bank of Egypt (buy) · holiday rates
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, FRI., OCT. 9, 2026No. 5 · Morning, 6:00 a.m. EET6 a.m. EET
EGX3053,265.16▼0.06%10/7USD/EGP52.34－10/8S&P 5007,765.36▼0.47%10/8WTI$91.50▲3.60%10/8Gold$4,157.00▲0.20%10/8
Egypt · South KoreaPress ✓ 5 outlets · economic details attributed to what each outlet reported

Sisi and Lee Jae Myung raise Egypt–Korea ties to a strategic partnership, and talks begin on the Comprehensive Economic Partnership Agreement

The two presidents held a summit in Seoul on Thursday during Sisi’s three-day state visit, and a joint statement was issued. We have not seen the texts of the agreements signed.

President Abdel Fattah el-Sisi and his South Korean counterpart Lee Jae Myung held a summit at the Cheong Wa Dae presidential office in the capital, Seoul, on Thursday, October 8, during a three-day state visit, and Bernama, citing Yonhap, reports that they agreed to raise bilateral relations to a strategic partnership and issued a joint statement. The Korea Times and Bernama reported that the two sides formally launched negotiations on the Comprehensive Economic Partnership Agreement, and that the trade agreement had already been agreed at the Cairo summit in November 2025.

According to the reports, Sisi pledged to support Korean companies that want to expand their investment and work in Egypt, and said that setting up a Korean industrial zone in Egypt could let them localize production, while Lee called for closer cooperation in trade, investment, defense, culture, education and emerging industries. Kyunghyang Shinmun reported that Lee proposed that Korean companies carry out the expansion of Cairo airport at a cost of between 3 and 4 trillion won; we found no Egyptian confirmation and no details on the form of the proposal.

The program included a welcome ceremony, talks, the signing of agreements, a joint press conference and an official lunch. In DailyDrop’s reading, the test is the move from statements to contracts: will Korean investments be unveiled with figures, when will the rounds of negotiation on the trade agreement be completed, and will anything be signed on the airport. The tour then moves on to Malaysia today.

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By the numbers
3days: length of the state visit to South Korea
3–4trillion won: value of the Cairo airport expansion, according to Kyunghyang Shinmun
2025the year the trade track was agreed, at the Cairo summit
Economy · Credit ratingPress ✓ 2 sources · figures attributed to Fitch

Fitch affirms Egypt’s rating at “B” with a stable outlook and forecasts 4.7% growth in 2026/27

Fitch affirmed Egypt’s long-term credit rating at “B” with a stable outlook on Thursday, October 8, according to Egypt Today and Egypt Independent. It forecasts the economy to grow 4.7% in fiscal year 2026/27 after 5.1% in 2025/26, and average inflation of 12.3% in 2026/27 against 11.6% in 2025/26, according to Egypt Today, and a net increase in international reserves of $5.5 billion in the first eight months of 2026, to $54.4 billion.

Enterprise reported in its Sunday issue that Standard & Poor’s and Fitch had affirmed the rating at “B”. We have not seen the full text of Fitch’s statement or its reasoning.

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Word of the day
Stable outlookEconomy

A rating agency’s assessment that the rating is likely to stay unchanged in the near term.

Egypt · MalaysiaPress ✓ 3 outlets · visit items attributed to official statements

Sisi begins his first state visit to Malaysia today, with ties expected to be raised to a strategic partnership

President Sisi arrives in Kuala Lumpur today, Friday, October 9, on his first state visit to Malaysia, at the invitation of Sultan Ibrahim, according to The Star, The Vibes and Bernama. Malaysia’s Foreign Ministry said the visit is expected to raise relations to the level of a strategic partnership and that memorandums of understanding will be signed to deepen economic and diplomatic ties.

The Vibes reported that trade reached 3.49 billion ringgit (about $0.87 billion) from January to August 2026, up 74.7%. We have not seen the list of memorandums due to be signed or the program of the Indonesian leg of the tour.

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Markets · OilClosing data · we found no confirmed reason for the jump

West Texas Intermediate jumps 3.60% to $91.50 at Thursday’s close

West Texas Intermediate closed on Thursday, October 8, at $91.50, up 3.60% from $88.28 on Wednesday, the biggest daily jump in recent days. The S&P 500 closed at 7,765.36 points, down 0.47%, and gold at $4,157.0, up 0.20%.

We found no explanation confirmed by two sources for the jump in crude. Reports in September had linked earlier jumps to Houthi attacks on Saudi Arabia and to Hormuz fears, but we have no evidence that this is the cause of Thursday’s jump. Egypt imports part of its energy needs, so a higher crude price raises the bill.

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Egypt · MarketsPress ✓ 2 sources · rates unchanged during the holiday

No session on Thursday: the bourse and banks closed and dollar rates unchanged until Sunday

No trading session was held on the Egyptian Exchange on Thursday, October 8, because of the official holiday, so the last close remains 53,265.16 points on Wednesday, down 0.06%, according to Arab Finance. Banks closed their doors and work resumed on Sunday, October 11, according to Ahram Online.

Al Mal News reported that the dollar held its posted level at the National Bank of Egypt (NBE) at 52.34 pounds to buy and 52.44 to sell during the holiday. Friday and Saturday are the weekend, so the pause runs through to Sunday. Meanwhile, the subscription in MNT-Halan stays open until October 15, according to Arab Finance.

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In brief
  • Egypt and Korea launch formal negotiations on a comprehensive economic partnership agreementKorea Times, Bernama
  • Fitch affirms Egypt’s “B” rating, with reserves at $54.4 billionEgypt Today
  • International reserves rose $5.5 billion in eight monthsEgypt Today
  • S&P 500 closes at 7,765.36, West Texas Intermediate at 91.50 and gold at 4,157.0Closing data
  • The Seoul visit included a welcome ceremony, signing and an official lunchBernama
  • MNT-Halan subscription open until October 15Arab Finance
  • Dollar rate at NBE steady at 52.34 to buy during the holidayAl Mal News
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Unverified — what we could not confirm

“Korean companies will carry out the Cairo airport expansion.” Kyunghyang Shinmun reported that the Korean president proposed it, at a value of 3–4 trillion won. We found nothing in Egyptian coverage or in the summit statement confirming an agreement or a contract, so it is a proposal, not an agreement.
Glossary · dotted words — economic, security and political terms explained in the context of the story. The list grows every day.
INSIDESisi and Lee Jae Myung raise Egypt–Korea ties to a strategic partnership, and talks begin on the Comprehensive Economic Partnership AgreementEgypt · South KoreaFitch affirms Egypt’s rating at “B” with a stable outlook and forecasts 4.7% growth in 2026/27Economy · Credit ratingSisi begins his first state visit to Malaysia today, with ties expected to be raised to a strategic partnershipEgypt · MalaysiaWest Texas Intermediate jumps 3.60% to $91.50 at Thursday’s closeMarkets · OilNo session on Thursday: the bourse and banks closed and dollar rates unchanged until SundayEgypt · Markets