Egypt's Gas Victory, DRC's Mining Nationalism, and Africa's Fiscal Hurdles
Insights Dispatch - June 5, 2026
Welcome to the Friday edition of Insights Dispatch, our flagship brief of the latest developments bridging Africa and the Gulf
NORTH AFRICA: Egypt Scores $355M Gas Contract in Oman
WHAT HAPPENED?
Enppi, an Egyptian gas company 97% owned by the Egyptian General Petroleum Corporation, secured a $355 million deal with Oman. Awarded by Petroleum Development Oman, the contract provides Enppi with facility construction rights in Budour, located in the Dhofar region.
WHY IT MATTERS?
The contract marks another key advancement in Egypt’s energy sector this year and is part of a wider Omani effort to drive growth and job creation in 2026.
WHAT’S NEXT?
The project concludes within 26 months and aims to increase production at Budour from 1.4 million to 4.2 million standard cubic metres per day.
EAST AFRICA: Kenya Proposes 15% Capital Gains Tax on Foreign Investors
WHAT HAPPENED?
Kenya’s Finance Bill 2026 proposed a 15% capital gains tax on indirect share transfers, targeting offshore exit structures commonly used by foreign investors.
WHY IT MATTERS?
As East Africa’s largest economy, Kenya has attracted significant Gulf investment: Saudi Arabia and the UAE have invested a combined $990.5 million. The proposed tax could discourage future flows.
WHAT’S NEXT?
The GCC is unlikely to abandon Kenya entirely, but investment strategies focused on Nairobi will undergo reassessment to account for the proposed tax.
CENTRAL AFRICA: DRC Reclassifies Critical Minerals, 10% Royalty Rate
WHAT HAPPENED?
The DRC listed lithium, tantalum, niobium, tungsten, uranium, and rare earth elements as strategic minerals, resulting in a 10% royalty fee on their mining.
WHY IT MATTERS?
The DRC is the world’s largest cobalt producer and has attracted substantial Gulf investment. Abu Dhabi-based International Resources Holding (IRH), which holds a 56% stake in the Bisie tin mine, will likely need to revise its cost projections.
WHAT’S NEXT?
The higher royalty fee is unlikely to deter Gulf mining operations, especially as the race for critical minerals becomes increasingly geopolitical.
WEST AFRICA: Ghana Inflation Rose to 3.7% in May
WHAT HAPPENED?
Ghana’s inflation rose for the second consecutive month, from 3.4% in April to 3.7% in May, largely driven by Iran-driven higher energy prices.
WHY IT MATTERS?
With an IMF-projected GDP growth of 4.8%, Ghana has grown as an investment destination. Qatar signed a $1.5 billion agricultural deal last August, but inflationary pressures are likely to deter further investment short term.
WHAT’S NEXT?
Gulf countries will watch closely as Ghana battles the Iran war’s economic pressures. If stability holds, renewed investment appetite is likely post-war.
SOUTHERN AFRICA: Zambia Extends Debt Suspension on Copper Concentrates
WHAT HAPPENED?
Zambia extended its suspension of the 10% export duty on copper concentrates until September 30, allowing miners to export without the levy.
WHY IT MATTERS?
The exemption covers 271,742 metric tons. The largest allocation went to Mopani Copper Mines, jointly owned by Zambia and the UAE through IRH, which received a 100,000 ton duty-free quota.
WHAT’S NEXT?
Mopani’s allocation highlights the growing role of Gulf capital in Zambia’s mining sector. As Lusaka pursues investment reforms, favorable policies for Gulf actors are likely to follow.