Top 10 Trending Headlines to Go Through This Weekend

Updated 7/4/2025 9:00:00 AM

Arab Finance: The final week of June saw a series of notable economic developments in Egypt. Leading the headlines, the Egyptian Tax Authority (ETA) implemented amendments to the value-added tax (VAT) law aimed at broadening the tax base, a move intended to enhance the funding of human development programs.

Hence, here are the top 10 headlines to check during the week.

1-Egyptian Tax Authority applies amendments to VAT

The Egyptian Tax Authority (ETA) applied amendments to the value-added tax (VAT) to expand the tax base, which will reinforce the funding of human development programs.

2-Egypt’s parliament greenlights additional EGP 85B FY2024/25 budget allocation

The Red Sea Wind Energy consortium, comprising ENGIE, Orascom Construction, Toyota Tsusho Corporation, and Eurus Energy, has announced the full commercial operation of its 650-megawatt wind farm near Ras Ghareb, Egypt, four months ahead of schedule

3-Egypt's real GDP rises to 4.77% in Q3 FY2024/25

Egypt’s real gross domestic product (GDP) growth increased to 4.77% in the third quarter (Q3) of fiscal year (FY) 2024/2025

4-Suez Canal’s operations fall 23.1% in Q3 FY2024/25

Suez Canal activity dropped by 23.1% year on year in the third quarter (Q3) of fiscal year (FY) 2024/2025.

5-Egypt's non-oil manufacturing sector records 16% growth in Q3 FY2024/25

The non-oil manufacturing sector maintained its solid growth for the fourth consecutive quarter, hitting 16% during the third quarter (Q3) of fiscal year (FY) 2024/2025.

6-Egypt finalizes $900M debt swap deals with partner countries: Madbouly

Egypt succeeded in finalizing debt swap agreements at a value exceeding $900 million with partner countries.

7-Saipem 10000 completes Zohr-6 sidetrack, adds 60 MMcf/d to natural gas output

The offshore drilling rig Saipem 10000 has completed the sidetrack drilling operations at the Zohr-6 well.

8-Contact Creditech obtains FRA license to expand digital consumer finance in Egypt

Contact Financial Holding announced that its digital consumer finance arm, Contact Creditech, has obtained a fintech license from the Financial Regulatory Authority (FRA).

9-Philip Morris Egypt unveils price hike for cigarettes, heated tobacco products

Philip Morris Egypt has updated the prices of its cigarettes and heated tobacco products, following the most recent price increase that officially took effect in the Egyptian market.

10-Elsewedy, EMRA sign agreement to develop sebaia phosphate mines

The Egyptian Mineral Resources Authority (EMRA) has signed a memorandum of understanding (MoU) with Elsewedy Capital to explore, extract, and process phosphate ore in the Sebaia mines in the Nile Valley region.