- BP discovered oil and natural gas in Egypt’s King Mariout offshore block, and detailed data is expected soon.
- The Egyptian government plans to raise salaries, wages, and pensions before the new fiscal year, focusing on economic support for citizens before Ramadan.
- The “Digital Pioneers Initiative” will train 12,000 young Egyptians annually in tech skills, aiming to boost Egypt’s digital economy and global competitiveness.
British Petroleum (BP) discovered oil and natural gas in Egypt’s northern Mediterranean, specifically in the King Mariout offshore block. On February 5, 2025, Prime Minister Mostafa Madbouly confirmed the findings during a press conference. He called the discovery promising and promised more details soon. The findings could lead to further exploration of the area.
Alongside the energy news, Madbouly announced plans to increase salaries and wages at the start of the new fiscal year. The government is finalising pension raises and will submit the proposals to President Abdel Fattah El-Sisi for approval. These economic measures aim to support citizens, especially as the holy month of Ramadan approaches.
The government stabilises prices, secures essential commodities, and ensures goods remain available. Madbouly emphasised that ministers, the private sector, and civil society groups continue coordinating efforts to prepare the market.
Madbouly also introduced the “Digital Pioneers Initiative,” a new program to boost Egypt’s digital economy. President El-Sisi approved the program, which will provide training to 12,000 young Egyptians each year. The initiative targets individuals aged 15 to 32 and offers diplomas and master’s degrees through partnerships with international universities.
The program combines academic learning with practical training, allowing trainees to collaborate with companies in Egypt. After completing the program, many participants will secure jobs with these companies or work remotely for international firms. This approach will help Egypt earn hard currency and strengthen its digital economy.
The initiative will launch by the end of the second quarter. The Tahya Misr Fund, in coordination with the Ministry of Communications and Information Technology, will finance the program. The initiative aims to position Egypt as a leader in digital exports and expand opportunities in the technology sector.
As Egypt prepares for Ramadan, the government remains focused on addressing economic challenges and supporting citizens. Madbouly plans to release more details about the energy discovery and the digital initiative soon.