Top 10 Trending News Stories in Last Week of August

Updated 8/29/2025 9:00:00 AM

Arab Finance: The last week of August has seen major developments in the economic sector, with Fitch Solutions’ research unit BMI projecting Egypt’s GDP to grow in the current fiscal year and the CBE announcing a remarkable surge in remittances from Egyptians working abroad.

Here are the 10 most trending news headlines of the week:

1- Fitch Solutions' BMI projects Egypt’s GDP growth at 4.7% in FY2025/26

Fitch Solutions’ research unit BMI expects Egypt’s gross domestic product (GDP) to grow to 4.7% in the current fiscal year (FY) 2025/2026, supported by domestic demand, higher investments, and stronger exports, according to data from its latest country risk report for Egypt.

2- Egypt's remittances hit record $36.5B in FY2024/25

Remittances from Egyptians working abroad surged by 66.2% in fiscal year (FY) 2024/2025 to $36.5 billion from $21.9 billion in the previous FY, the Central Bank of Egypt (CBE) announced.

3- Madbouly appoints Islam Azzam as EGX Chairman for 1 year

Prime Minister Mostafa Madbouly has issued a decision no. 2812 of 2025 appointing Islam Abdel Azim Azzam as the new Chairman of the Egyptian Exchange (EGX) for a one-year term.

4- ETA denies dispute with oil companies over VAT on crude oil

The Egyptian Tax Authority (ETA) has denied media reports claiming a dispute between the government and oil companies over the application of the value-added tax (VAT) on crude oil.

5- Global Corp wraps up EGP 4.91B securitization for leasing, mortgage finance

GlobalCorp has finalized two securitization issuances with a combined value of EGP 4.91 billion, including its seventh issuance for financial leasing worth EGP 2.32 billion and its first issuance for mortgage finance valued at EGP 2.59 billion.

6- SCA, Hyundai Corporation mull partnership on shipyard development, clean energy projects

Chairman of the Suez Canal Authority (SCA) Osama Rabie met with In-Bum Choi, senior vice president of Hyundai Corporation and executive director of its infrastructure and machinery sector, to discuss cooperation in shipyard development and clean energy initiatives.

7- Egypt, China's CEECOIC discuss renewable energy cooperation, solar cell localization

Egypt’s Minister of Electricity and Renewable Energy Mahmoud Esmat met with Lyu Zexiang, CEO of China Energy International (CEECOIC), to discuss cooperation in renewable energy, technology transfer, and the localization of the solar cell and energy storage battery industry.

8- North Lotus well adds 3,100 barrels of oil equivalent per day in Western Desert

The Ministry of Petroleum and Mineral Resources announced the successful drilling of the "North Lotus Deep-1" exploratory well, operated by Agiba Petroleum Company in partnership with Italy’s Eni, in Egypt’s Western Desert.

9- Signify Egypt, Contrack sign MoU on smart lighting solutions

Signify Egypt has signed a memorandum of understanding (MoU) with Contrack Facilities Management to advance smart and sustainable lighting solutions across infrastructure projects in Egypt and the wider region.

10- SCZONE inks $130M contract with China’s EVERFAR for textile plant in Qantara West

The General Authority of the Suez Canal Economic Zone (SCZONE) has signed a contract with China’s textiles firm EVERFAR to establish EVERFAR Textile Egypt LLC in the Qantara West Industrial Zone with total investments of $130 million.