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Islam Zekry, Chief Financial and Operations Group Officer and Executive Board Member at CIB, explores how GCC-Africa relations are driving economic growth, resilience and the transition period of South-South cooperation, and how Egypt’s strategic location and financial expertise has positioned it as a key player in emerging trade corridors.
Global Finance: How can new trade agreements and cooperation, especially between the GCC and African countries, drive economic growth and stability in both regions?
Islam Zekry: Relations between the Gulf Cooperation Council (GCC) and Africa are growing. However, what changes is the depth and strategic intent behind these partnerships. As part of global supply chains and finance become more selective, formal trade alliances between GCC countries and African economies have the potential to create one of the most important channels for South-South growth in the coming decade.
Several structural complementarities support this possibility. GCC economies have deep labor pools, private investment vehicles, advanced operational capabilities and strong global trade connections. In addition, many African economies are rich in natural resources, arable land, renewable energy and fast-growing consumer markets with favorable demographics.
When strategically aligned, partnerships can yield positive growth results. For example, the food security relationship, where agricultural production in Africa meets the demand of the Gulf, shows this opportunity. In addition, investments in energy and transformation, especially in renewables and green hydrogen, support the transition to clean energy services. Such partnerships can also drive the development of infrastructure and the transport sector—strengthening ports, industrial areas and transport corridors. Finally, the integration of the financial sector improves the flow of money and the power of financial transactions.
“Egypt is not just a transit point for global trade – it is becoming a hub for Afro-Arab economic development.”
Islam ZekryChief Financial and Operating Officer and Member of the Executive Board at CIB
Beyond the distribution of funds, what separates the next phase of the GCC’s engagement with Africa is the development of resilience. Global shocks—whether pandemic disruptions, political tensions or commodity volatility—have demonstrated the importance of multilateral trade relations. GCC-Africa alliances reduce overdependence on traditional West-East corridors, creating more balanced, diversified trade flows.
Therefore, for these relationships to reach their full potential, the financial structure must evolve along with the physical infrastructure. Cross-border payment systems, local currency settlements, risk-sharing frameworks and strong banking partnerships determine how goods, services, and money flow between the two regions. This is where banks with regional understanding and international connections play a revolutionary role, not just as financial intermediaries, but as providers of structured trade programs.
GF: What makes Egypt uniquely positioned to serve as a hub for trade and investment between the Middle East and Africa, and how can this role emerge in the context of emerging trade corridors?
Zekry: Strategically located at the intersection of Africa, the Middle East and Europe, Egypt controls one of the world’s most important sea lanes through the Suez Canal. The country boasts one of Africa’s most diverse economies and hosts one of the best banking sectors in the region.
However, Egypt’s strategic relevance goes beyond geography. The land acts as a natural bridge. It connects the Mediterranean and Red Sea trade routes and the Gulf shipping routes while maintaining deep trade ties throughout Sub-Saharan Africa. This dual orientation—to the north in Europe and to the south in Africa—positions Egypt as a point of balance between growing trade corridors.
The country has also developed significant industrial and export capacity. Its strong manufacturing base, growing energy sector, and growing role in the Liquefied Natural Gas (LNG) and renewable energy markets position it as a reliable economy within the region’s value chains. Egypt’s financial institutions support the expansion of cross-border and structured trade finance. Egyptian banks have established strong financial foundations, regional expertise and global communication networks, enabling complex trade flows across Africa and the Middle East.
As new trade routes emerge, from operational networks in the Red Sea to Gulf-sponsored infrastructure investment in East Africa, and the African Continental Free Trade Area (AfCFTA) driven by continental integration, Egypt’s role will emerge in three key areas. The country acts as a gateway for capital distribution in Africa, serving as a strategic hub for GCC and international investors seeking systematic access to African markets. It also has the potential to act as a financial hub for regional trade, facilitating corridor-based financing between North Africa, East Africa, and the Gulf. Finally, Egypt can act as a connector for payment ecosystems, allowing interaction between African financial systems and the major markets of the Middle East.
The next phase of Egypt’s development depends on deepening this integration, aligning export structures, digitizing commercial documents, strengthening regional payment systems and promoting bilateral currency arrangements. If the strategies are implemented, Egypt will not only remain a transit point for world trade, but it will be a focal point for an integrated Afro-Arab economic development.
The future of trade alliances between the Middle East and Africa will not be defined solely by infrastructure announcements or headline investments. It will depend on how effectively finance, policy and financial systems come together to support real economic exchange. In this context, Egypt stands out as a geographical and financial bridge. Therefore, strengthening GCC relations with Africa represents not only an opportunity, but a structural change towards greater regional strength and South-South cooperation.
