Chinese "Obay" submits application to the Central Bank for a digital banking license in Egypt

Egypt’s Minister of Petroleum and Mineral Resources, Engineer Karim Badawi, stated that the ministry is targeting new investments of $4.5 billion to develop refineries and launch new projects aimed at achieving self-sufficiency in various fuel types.

He added in a meeting with a group of journalists that the utilization rate of refineries had risen from 66% to 80% due to the availability of crude oil and improved unit efficiency, which boosted gasoline and diesel production and reduced the import bill.

He noted that production from the “Fayoum 4” well in the West Nile Delta region started two years ahead of schedule, contributing an additional approximately 80 million standard cubic feet of natural gas per day, thanks to accelerated project implementation and the utilization of existing offshore infrastructure.

Chinese company “Obay,” specializing in financial technology, has submitted an application to the Central Bank of Egypt to obtain a license to establish a digital bank in the Egyptian market. The company has prior experience in this field and other sectors, which it has implemented in several countries, including Nigeria.

Operational data released by the Egyptian Holding Company for Airports and Air Navigation, under Egypt’s Ministry of Civil Aviation, showed that Cairo Airport achieved high growth rates in operational traffic during August 2026. Total passenger numbers rose to 3.1 million, compared to 2.9 million in August 2025, representing a 9% increase.