Weekly Wrap-up of Top 10 Trending News

Updated 6/27/2025 9:00:00 AM

Arab Finance: The fourth week of June ended with the Egypt's economic and the business sector witnessing a handful of major agreements and key announcements, including Amazon’s stake acquisition in Valu.

The top 10 viral headlines of the week are as follows:

1-Remittances from Egyptians overseas surge 77.1% in 10 months: CBE

Remittances from Egyptians working abroad jumped by 77.1% year on year (YoY) during the first 10 months of fiscal year (FY) 2024/2025, according to a statement from the Central Bank of Egypt (CBE).

2-No tax hikes in Egypt's new budget; broader tax base planned: Kouchouk

Minister of Finance Ahmed Kouchouk confirmed that Egypt's new budget will not include any tax increases, emphasizing instead a strategy to broaden the tax base as a mutually beneficial move for the state and taxpayers.

3-MSMEDA pens EGP 181M microfinance contracts with Alexandria Business Association

The Micro, Small, and Medium Enterprise Development Agency (MSMEDA) has signed two new contracts worth a combined EGP 181 million with the Alexandria Business Association (ABA) to support microfinance initiatives across Egypt.

4-Petroelum Ministry completes bid evaluation for 7 oil, gas areas

The Ministry of Petroleum and Mineral Resources has completed the evaluation of bids for seven new oil and gas exploration and production areas, offered through the Egypt Upstream Gateway (EUG).

5-Suez Canal contains RED ZED 1 grounding in 1 hour with no injuries

The Suez Canal Authority (SCA) successfully managed the grounding of the RED ZED 1 diving vessel in just 60 minutes with no injuries or human losses reported, according to a statement issued by the authority's Chairman Osama Rabie.

6-SCZone inks $20M denim project in Qantara West

The General Authority of the Suez Canal Economic Zone (SCZONE) has signed a $20 million contract with Turkish company irikcio lu Grubu to establish a denim manufacturing plant in the Qantara West Industrial Zone.

7-Egypt signs contract with China’s Hantong Shipyard to build 2 KAMSARMAX vessels

Egypt’s Ministry of Transport has signed a new contract with Chinese shipbuilder Hantong Shipyard to construct two KAMSARMAX dry bulk vessels for the National Navigation Company, reinforcing the country's efforts to revitalize its commercial fleet and position itself as a regional logistics hub.

8-Aman Holding concludes EGP 665.5M securitization issuance

AMAN Holding, a Raya Holding portfolio company, has closed the third securitization issuance by AMAN Securitization, with a total value of EGP 665.5 million.

9-Amazon exercises option to acquire direct stake in Valu

EFG Holding’s subsidiary U Consumer Finance, known under the trademark Valu, announced Amazon’s decision to exercise its option to acquire a direct equity stake in Valu.

10-Madinet Masr’s SAFE app generates EGP 300M in less than 6 months

Madinet Masr’s investment platform Secure Assets for Fixed Earnings (SAFE) managed transactions at a combined value of nearly EGP 300 million in less than six months.