• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

3

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
PoliticsEuropean Union
Europe

Egypt’s crisis becomes Europe’s business problem as inflation soars and Suez revenues collapse

By
Sam McNeil
Sam McNeil
and
The Associated Press
The Associated Press
Down Arrow Button Icon
By
Sam McNeil
Sam McNeil
and
The Associated Press
The Associated Press
Down Arrow Button Icon
October 22, 2025, 10:01 AM ET
President of Egypt Abdel Fattah El-Sisi speak to the press before a meeting with U.S. President Donald Trump at the Sharm El Sheikh International Congress Center October 13, 2025 in Sharm El-Sheikh, Egypt.
Egyptian President Abdel-Fattah el-Sissi will meet with several European leaders during the Brussels summit. Chip Somodevilla/Getty Images
Add Fortune on Google for similar content.

Egypt and the European Union will hold their first summit on Wednesday in Brussels where leaders will discuss security, trade and migration as well as stability in Gaza.

Recommended Video

Egyptian President Abdel-Fattah el-Sissi, European Commission President Ursula von der Leyen and European Council President António Costa are expected to announce increased European economic assistance to Egypt and Egypt’s admission to the EU’s Horizons research incubation program, a 175 billion euro (about $202.7 billion) fund for scientific research and innovation in fields from quantum technology to the space industry.

New deals amid regional tensions

The summit comes as the 27-nation bloc has sought to forge new trade and security deals amidst geopolitical tumult sparked by the combative policies of U.S. President Donald Trump and export controls from Chinese President Xi Jinping.

Part of its approach is a so-called Pact for the Mediterranean in which the EU seeks deeper integration with countries from Morocco to Turkey, including offering European aid in exchange for efforts to slow migration to Europe.

Egypt’s economic woes

Egypt is weathering soaring inflation, as well as instability from the still-smoldering war in neighboring Gaza.

El-Sissi told Costa and other world leaders last week that U.S. President Donald Trump’s Mideast proposal, which aims at ending Israel’s two-year war in Gaza, represents the “last chance” for peace in the region and reiterated his call for a two-state solution, saying Palestinians have the right to an independent state.

The EU is Egypt’s largest trading partner. During the signing of a joint declaration last year, Brussels announced a 7.4 billion euros (about $8.6 billion) aid package for cash-strapped Egypt in the form of loans, investment and support for specific programs such as migration.

The deal injected much-needed funds into the Egyptian economy, which has been hit hard by years of government austerity, the coronavirus pandemic, the fallout from Russia’s full-scale invasion of Ukraine and most recently, the Israel-Hamas war in Gaza. Houthi attacks on shipping routes in the Red Sea have also slashed Suez Canal revenues, which is a major source for foreign currency, by forcing traffic away from the canal and around the tip of Africa. Both Brussels and Cairo have serious concerns over migration.

Europe and Asylum-seekers

Arrivals of asylum-seekers and other migrants fleeing conflict and poverty in the Middle East and Africa for Europe over the past decade helped fuel rising far-right populism and led to stricter border controls that have drawn heavy criticism from human rights groups.

Before the Wednesday summit, the EU’s top diplomat Kaja Kallas met with el-Sissi in Brussels, where he told her that “Europe hasn’t been significantly affected by illegal immigration” because Egypt had thwarted launches since 2016 of many boats of migrants, according to a statement from the president’s office.

El-Sissi should press the EU to do more for Gaza, said Eve Geddie, director of Amnesty International’s European Institutions Office. At the same time, Von der Leyen and Costa should press the former military leader to stop “rampant arbitrary detentions, unfair trials and harsh prison sentences of critics,” she said.

Egypt faces its own migration pressures. While in recent years it has become a point of transit for those attempting the dangerous Mediterranean Sea crossing to Europe, Egypt has for decades been a refuge for migrants from sub-Saharan Africa trying to escape armed conflict and crippling poverty.

Egypt, whose population is 116 million, says there are 9 million migrants in the country, including about 900,000 who are registered refugees and asylum-seekers with the U.N. refugee agency. El-Sissi is also expected to meet King Philippe I of Belgium during his visit.

___

Associated Press writer Samy Magdy contributed to this report from Cairo.

Subscribe to Fortune Gulf Brief. Every Tuesday, this new newsletter delivers clear-eyed, authoritative intelligence on the deals, decisions, policies, and power shifts shaping one of the world’s most consequential regions, written for the people who need to act on it. Sign up here.
About the Authors
By Sam McNeil
See full bioRight Arrow Button Icon
By The Associated Press
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Politics

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Politics

Russian President Vladimir Putin
EconomyRussia
It started with one viral influencer complaining about Russia’s economy. Now a record 60% of Russians are pessimistic about their country’s outlook
By Tristan BoveJune 30, 2026
13 hours ago
Image of colored bar charts with one being pushed up.
NewslettersEye on AI
AI is minting billion-dollar companies faster than before
By Beatrice NolanJune 30, 2026
14 hours ago
kean
PoliticsCongress
Tom Kean discloses depression diagnosis behind 4-month absence from Congress: ‘until you experience it yourself, it is difficult to fully understand’
By Mike Catalini, Joey Cappelletti and The Associated PressJune 30, 2026
14 hours ago
Anthropic CEO Dario Amodei pointing to his head.
AIAnthropic
At the heart of Anthropic’s clashes with the U.S. government, a decision not to play by the new rules of Trump’s Washington
By Jeremy KahnJune 30, 2026
17 hours ago
ark
Politicsarkansas
Arkansas defies federal court to launch SNAP candy-and-soda ban Wednesday
By Travis Loller and The Associated PressJune 30, 2026
18 hours ago
ice
PoliticsImmigration
ICE arrested a woman in a habit walking to mass, then released her after realizing she was a nun
By Valerie Gonzalez and The Associated PressJune 30, 2026
18 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
6 days ago
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
Success
Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
By Sydney LakeJune 29, 2026
2 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
4 days ago
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
AI
'Humanity has chosen to become idiots': This Brown professor switched to take-home exams after a mass shooting and discovered mass cheating
By Catherina GioinoJune 29, 2026
1 day ago
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
Commentary
The U.S. Army is opening military bases to private billions — here's why that changes everything for the next 250 years
By Marc AndersenJune 30, 2026
19 hours ago
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
Environment
The retired college professor fighting a $313 trespassing ticket in Wisconsin thinks he's part of a national struggle
By Catherina GioinoJune 28, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.