Egypt entered 2026 with $163.7 billion in external debt and its heaviest repayment schedule in modern history. A decade of IMF programmes stabilised the economy without reducing its dependence on external financing, leaving no buffers when the Iran conflict began.

Sustained drone attacks on Gulf energy infrastructure are reshaping the economics of modern war. Low-cost systems are being used to pressure high-value assets, exposing vulnerabilities in oil supply, air defence, and global supply chains.