Top 10 Must-Read Viral News Stories for This Weekend

Updated 1/31/2025 9:00:00 AM

Arab Finance: The five working days ending on January 30th have been filled with significant news, from amendments to certain provisions of the Unified Tax Procedures Law to Fitch Solutions’ BMI projection that Egypt's real household spending could grow by 3.1% year-on-year (YoY) in 2025.

Here is a weekly wrap-up of the most important news stories from January 26th onward.

1-Egypt’s Parliament approves amendments to Unified Tax Procedures Law

The Egyptian House of Representatives has greenlit a draft law submitted by the government on amending some provisions of the Unified Tax Procedures Law issued by Law No. 206 of 2020.

2-Fitch Solutions’ BMI expects Egypt’s household spending growth to slow in 2025

Egypt's real household spending is expected to grow by 3.1% year-on-year (YoY) to EGP 2.1 trillion in 2025, lower than 7.5% for 2024.

3-Remittances from Egyptians abroad leap 65.4% YoY in November 2024

Remittances from Egyptians working abroad jumped by 65.4% year-on-year (YoY) to nearly $2.6 billion in November 2024, compared to $1.6 billion.

4-3 key sectors drive Egypt’s economic growth in Q1 FY2024/25

The sectors of manufacturing, tourism, and information and communications technology (ICT) have led Egypt’s economic growth in the first quarter (Q1) of fiscal year (FY) 2024/2025 to about 3.5%, compared to 2.4% in the previous quarter.

5-Egypt, Kenya sign 12 agreements to strengthen bilateral ties

Egypt's President Abdel Fattah El-Sisi and Kenyan counterpart William Ruto have signed 12 joint agreements to boost bilateral ties and expand cooperation in various sectors.

6-Saipem 10000 arrives in Egypt to begin drilling work at Zohr field

The drilling vessel Saipem 10000 arrived in Egypt on January 28^th to begin the drilling works at the Zohr natural gas field.

7-Turkish companies eye $300M investments in Egypt during 2025

Turkish companies are planning to pump new investments of not less than $300 million in Egypt during 2025, predominantly in the textile sector.

8-EgyptAir secures EGP 20B facility from Finance Ministry to expand fleet

The Egyptian Ministry of Finance has granted a facility valued at EGP 20 billion to EgyptAir Holding Company to support its air fleet.

9-GoDaddy launches AI tool to boost Egyptian businesses

GoDaddy has introduced GoDaddy Airo, an AI-powered tool designed to help small and medium-sized businesses (SMBs) in Egypt build a strong online presence quickly and easily.

10-MIDAR, partners unveil $2B investment in Egypt’s hospitality, leisure sectors

MIDAR has inked a memorandum of understanding (MoU) with Saudi Arabia’s Sumou Investment, ADEER International, and Hassan Allam Holding to invest $2 billion into Egypt’s hospitality and leisure sectors.