Egypt banks on Alamein forum to draw investors, capital

CAIRO: More than 20 heads of state and government representatives are expected in the Mediterranean city of Alamein on Friday, alongside business leaders, bankers and development institutions, for the inaugural three-day Alamein Africa Forum. Cairo is betting the gathering will strengthen its economic and political standing across a continent where competitors have gained ground.

Egypt’s push comes after years of concentrating on the Middle East and the Mediterranean, a period during which China and Gulf states, particularly the United Arab Emirates, established themselves as major players in Africa. The forum is part of an effort to rebuild Egyptian influence within the region.

The commercial stakes are substantial. Officials estimate Egyptian investments across Africa at around $14 billion. Among the country’s flagship ventures is Tanzania’s $3 billion Julius Nyerere Hydropower Project, built by a consortium led by Egyptian companies.

Egypt’s deputy foreign minister for African affairs, Mohamed Abu Bakr Saleh, described the forum as an African platform. “A country in East Africa should be able to sign an agreement with a country in West, North or southern Africa through this platform,” he told AFP.

Under an African Union mandate, Saleh said, the forum would become a biennial event, focusing on infrastructure, trade, agriculture, healthcare, mining, technology and renewable energy.

Meanwhile, the summit opens against sobering numbers for anyone watching African markets. Trade within the continent totalled just $192 billion in 2023, accounting for only around 15 percent of Africa’s total trade. That compares with more than 55 percent in Asia and over 70 percent in Europe. Foreign direct investment tells a similar story: Africa attracted about $70 billion in 2025, a fraction of the roughly $1.6 trillion invested globally, according to the UN.

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

The gathering also unfolds against an unresolved dispute that carries direct economic weight for Cairo. The $5 billion Grand Ethiopian Renaissance Dam, Africa’s largest hydroelectric project and inaugurated last year, sits at the centre of a long-running disagreement between Egypt and Ethiopia. Ethiopia says the dam is vital for its economic growth. Egypt argues it could threaten Nile water supplies without a binding operating agreement, and more than a decade of negotiations have failed to produce a settlement. Cairo has sought to rally African backing in the dispute, which it views as a threat to its vital share of Nile waters.

“Our position on Egypt’s water security has not changed and will not change,” Saleh said. “It is an existential issue for Egypt.”

For Cairo, the forum represents both an economic opportunity and a diplomatic instrument: a chance to deepen commercial ties across the continent while rebuilding influence in a marketplace where rivals have moved quickly. Whether a biennial platform can convert Egypt’s $14 billion footprint into real market share, against competitors already entrenched, will be the question investors watch when the forum convenes on Friday.