Weekend Wrap-up: Top 10 News Stories of February's Last Week
Updated 2/28/2025 9:00:00 AM
Arab Finance: The last week of February, ahead of Ramdan, concluded with strategic deals and announcements.
The top 10 news stories of the week, from February 23rd to 27th, are as follows:
1-CBE announces working hours for banks in Ramadan
The Central Bank of Egypt (CBE) announced working hours for the banking sector during Ramadan.
2-Cabinet approves draft decree on Arab Common Electricity Market agreements
The Egyptian cabinet has approved a draft presidential decree on the "General Agreement for the Establishment of the Arab Common Electricity Market" and the "Arab Common Electricity Market Agreement".
3-Remittances from Egyptians abroad rise 51.3% YoY in 2024
Remittances from Egyptians abroad increased by 51.3% year on year (YoY) in 2024, reaching approximately $29.6 billion compared to about $19.5 billion in 2023.
4-Financial inclusion in Egypt reaches 74.8% in 2024
Financial inclusion in Egypt grew further in 2024, with 74.8% of eligible citizens aged 15 and above owning and actively using transaction accounts.
5-Egypt to inaugurate Grand Egyptian Museum on July 3rd
Egypt will inaugurate the $1 billion Grand Egyptian Museum (GEM) on July 3rd, marking the completion of a nearly two-decade project expected to bolster the country’s vital tourism sector.
6-SCZone, Volkov Infra ink $5M deal for Ferro Genesis factory in Sinai
The Suez Canal Economic Zone (SCZONE) has signed an agreement with India’s Volkov Infra Private Ltd to build the Ferro Genesis factory in East Ismailia’s Technology Valley.
7-Hassan Allam, Infinity partner with Misr Petroleum, Gastec to establish Egypt’s 1st EV charging firm
Hassan Allam Utilities and Infinity have signed a shareholders’ agreement with Misr Petroleum and Gastec to establish Egypt’s first company dedicated to electric vehicle (EV) charging stations.
8-IFC, Attijariwafa Bank Egypt team up to boost SMEs, climate finance in Egypt
International Finance Corporation (IFC) and Attijariwafa Bank Egypt (AWB Egypt) have partnered to strengthen the bank’s capital position and expand its support for small and medium-sized enterprises (SMEs) and climate finance in Egypt
9-Fawry acquires stakes in 3 Egyptian tech companies for EGP 80M
Fawry for Banking Technology and Electronic Payments has invested EGP 80 million in three major Egyptian tech firms.
10-Vivo unveils plans to expand investments, industrial operations in Egypt
vivo, a global leading technology company specializing in smartphone manufacturing, announced strengthening its investments and industrial operations in Egypt.
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