{"id":672567,"date":"2025-09-26T00:00:00","date_gmt":"2025-09-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/26\/remittances-grow-for-17th-consecutive-month\/"},"modified":"2025-09-26T00:00:00","modified_gmt":"2025-09-26T00:00:00","slug":"remittances-grow-for-17th-consecutive-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/26\/remittances-grow-for-17th-consecutive-month\/","title":{"rendered":"Remittances grow for 17th consecutive month"},"content":{"rendered":"

Good morning, friends, and happy Friday<\/strong>. We wish you a calm weekend and hope you enjoy the pleasant fall weather as much as we are.<\/p>\n

In this week\u2019s edition of the Enterprise Guide<\/strong>, we\u2019re looking at all the questions to ask yourself and your children as they navigate the new school year, signs to look out for, and habits you should introduce.<\/p>\n

?\ufe0f LAST WEEK IN 3 MINS-<\/p>\n

ECONOMY-<\/strong><\/p>\n

Remittances <\/strong>rose<\/a><\/strong> 26.3% y-o-y to USD 3.8 bn in July<\/strong>, marking 17 consecutive months of y-o-y remittance growth, according to a statement from the Central Bank of Egypt. Over the first seven months of 2025, remittances are up 49.7% y-o-y to USD 23.2 bn.<\/p>\n

ENERGY-<\/strong><\/p>\n

#1- The Madbouly government is looking to liberalize the natural gas market<\/strong>, by allowing multiple suppliers to make direct sales<\/a> to private-sector customers, a government source told EnterpriseAM. The new system would give large industrial players the option to secure their gas needs through direct contracts with suppliers if they can land better prices or terms, we were told.<\/p>\n

#2- The country\u2019s very own USD 200 mn onshore regasification unit will begin <\/strong>operating in August 2027<\/strong>, a government source told EnterpriseAM. The unit will be set up<\/a> at the idle Idku liquefaction facility in partnership with Shell and Petronas.<\/p>\n

M&A WATCH-<\/strong><\/p>\n

Sawiris-backed Orascom Construction and OCI Global tee up a cross-border merger<\/strong>: Orascom Construction and OCI Global \u2014 both backed by Egyptian bn\u2019aire Nassef Sawiris \u2014 are exploring a potential merger<\/a> that would combine the Cairo-born contractor and the Dutch-listed fertilizer player to create a single global infrastructure and investment platform based out of and listed in Abu Dhabi.<\/p>\n

IPO WATCH-<\/strong><\/p>\n

Dairy and juice manufacturer Healthy Group is looking into making its EGX debut<\/strong> through an IPO in the coming period<\/a> as it looks to raise fresh funds to finance its expansion plans, CEO Kirellos Refaat (LinkedIn) told EnterpriseAM. The exact size of the stake to be offered will be determined once the company completes its studies.<\/p>\n

TRADE- <\/strong><\/p>\n

#1- Egypt\u2019s trade deficit rose 20.2% y-o-y in 2024 to record USD 50 bn<\/strong>, according to state statistics agency Capmas data. Exports rose<\/a> 6.5% y-o-y to USD 45.3 bn, while imports climbed up 13.2% y-o-y to USD 95.3 bn.<\/p>\n

#2- Some 601 exporters received EGP 368 mn in overdue receivables through the<\/strong> Export Development Fund<\/strong>, concluding<\/a> the first tranche of the direct payment portion of the state\u2019s mechanism to settle its owed export subsidy arrears, according to a statement from the Finance Ministry.<\/p>\n

MANUFACTURING- <\/strong><\/p>\n

Chinese textile manufacturer Hengsheng has inaugurated its USD 70 mn textile <\/strong>technology plant in the Qantara West Industrial Zone<\/strong>, according to a cabinet statement<\/a>. The 200k sqm factory will focus on dyeing, printing and finishing textiles, and is expected to create around 1.3k direct jobs once fully operational.<\/p>\n

AUTOMOTIVE- <\/strong><\/p>\n

Car prices are seeing reductions of 10-20% on top of last month\u2019s dip in prices as <\/strong>auto dealers look to reignite demand<\/strong>. Some industry experts expects the trend to persist<\/a> until at least June 2026, saying the market will remain in flux until a pricing structure tied to real production costs is established.<\/p>\n

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<\/a> <\/p>\n

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? AROUND THE WORLD IN SEVEN DAYS- <\/p>\n

<\/p>\n

France <\/strong>recognized Palestine<\/a><\/strong> at a UN summit in New York on Monday<\/strong>, joining the UK, Canada, Australia, and Portugal. Monaco, Malta, Luxembourg, and more countries have also declared support for Palestine. Despite the barrage of statements from Western countries, recognition changes little on the ground, with Gaza hospitals \u201cdays away from shutdown\u201d and residents continuing to flee as Israeli tanks advance into the city center. (BBC<\/a> | Guardian<\/a> | CNN<\/a> | Reuters<\/a> | Axios<\/a>)<\/p>\n

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ALL EYES ON TRUMP- The US president slapped a USD 100k toll on the American <\/strong>Dream for immigrants<\/strong>, unveiling the steepest hike yet<\/a> for H-1B visas and rolling out a \u201cGold Card\u201d residency scheme that lets mn\u2019aires buy their way into the US. The new rules \u2014 which target the work permits used by Silicon Valley to hire foreign engineers and scientists \u2014 also allow companies to pay USD 2 mn per worker to sponsor them. (Bloomberg<\/a> | Financial Times<\/a> | Reuters<\/a> | New York Times<\/a> | Associated Press<\/a>)<\/p>\n

In a sharp shift from earlier comments urging territorial concessions<\/strong>, US President Donald Trump said that Kyiv could \u201cwin all of Ukraine back\u201d shortly after meeting Ukrainian President Volodymyr Zelenskiy on the sidelines of the UN General Assembly. \u201cWith time, patience, and the financial support of Europe and, in particular, NATO, the original Borders from where this War started, is very much an option,\u201d Trump wrote in a post on his Truth Social platform. (Reuters<\/a> | Associated Press<\/a> | Financial TImes<\/a> | The Guardian<\/a> | BBC<\/a>)<\/p>\n

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IN MARKETS NEWS- Fed boss Jay Powell cooled Wall Street\u2019s hopes for a rapid <\/strong>easing cycle<\/strong>, warning<\/a> that while last week\u2019s 25 bps cut took some pressure off the job market, moving too aggressively could leave the inflation fight unfinished. (Financial Times<\/a> | CNBC<\/a> | The Guardian<\/a> | CNN<\/a> | Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

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OVER IN TECH- Nvidia will invest up to USD 100 bn in OpenAI in a <\/strong>potential<\/a><\/strong>transaction<\/a><\/strong> executives hailed as the \u201cnext leap forward\u201d in artificial intelligence<\/strong>. If the transaction proceeds as planned, it would mark the largest-ever investment in a private company. (Bloomberg<\/a> | Reuters<\/a> | Guardian<\/a> | BBC<\/a> | CNBC<\/a> | New York Times<\/a> | Financial Times<\/a>)<\/p>\n

ALSO- Intel has held early talks with Apple about a <\/strong>potential investment<\/a><\/strong> as part of <\/strong>its comeback strategy<\/strong>. Such a deal would be symbolically powerful: Apple abandoned Intel\u2019s processors in its Macs five years ago but has touted big plans for US manufacturing. (Bloomberg<\/a>)<\/p>\n

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MEANWHILE- Super Typhoon Ragasa \u2014 this year\u2019s strongest tropical cyclone yet \u2014 <\/strong>made landfall<\/a><\/strong> in southern China<\/strong>, after leaving at least 17 dead and dozens missing in Taiwan. Nearly 2 mn residents were evacuated as the storm continued to rage on. (BBC<\/a> | CBS<\/a> | Reuters<\/a> | New York Times<\/a> | CNN<\/a> | Guardian<\/a>)<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\u2600\ufe0f THE WEATHER THIS WEEKEND- <\/p>\n

Good news, folks, we\u2019re in for a cool, breezy weekend in the capital<\/strong> with temperatures set to peak at a sensible 31-32\u00b0C, before cooling down to 19\u00b0C, according to our favorite weather app.<\/p>\n

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?\ufe0fHAPPENING THIS WEEKEND-<\/p>\n

The Eazees International Women\u2019s Theater Festival, honoring the late <\/strong>Samiha Ayoub and supporting all-women creative productions, kicked off yesterday<\/strong>, and will run until Friday, 3 October. The first showcase of the festival<\/a>, happening on Saturday, will feature the play The Bloody Wedding<\/a> at Falaki Mainstage Theater. Tickets are available on Ticketsmarch\u00e9<\/a>.<\/p>\n

Foodies, unite: <\/strong>Cairo Food Week<\/a><\/strong> is back for its third edition<\/strong>. Running through Thursday, 2 October, prepare yourself for a culinary experience packed with tasting menus, masterclasses, and exhibitions. Tickets are going fast, with the most popular events already sold out. To grab what you can, head to Ticketsmarch\u00e9<\/a>. <\/p>\n

You have another chance to see <\/strong>Tamer Ashour<\/a><\/strong>, who returns with yet another <\/strong>electrifying show<\/strong> at El Arena tonight. Get your tickets through Ticketsmarch\u00e9<\/a>. <\/p>\n

Tamer Hosny<\/a><\/strong> and Disco Misr are set to light up the stage <\/strong>at Hacienda White\u2019s Galambo tonight to close out the Sahel season. Head to Ticketsmarch\u00e9<\/a> now before tickets sell out. <\/p>\n

Egyptian drill rapper Flex is hosting his <\/strong>album launch<\/a><\/strong> party at CJC 610 this Saturday<\/strong>. Catch him live for a high-energy night of rap. Grab your tickets now on Ticketsmarch\u00e9<\/a>. <\/p>\n

\n

?\ufe0fHAPPENING NEXT WEEKEND-<\/p>\n

In need of some comedy therapy? <\/strong>Join Mina Nader<\/a> for an interactive show at Theatro Arkan on Friday, 3 October. Get ready for a night of laughter-packed stories. Tickets are selling out, so we\u2019d suggest you move fast. Secure your spot now on Ticketsmarch\u00e9<\/a>. <\/p>\n

Ready for another Indigo Night?<\/strong> On Friday, 3 October, Belgian-Egyptian singer Tamino Moharam Fouad is dropping by Cairo<\/a> to perform his latest album Every Dawn\u2019s a Mountain at the Cairo International Convention Center. Tickets can be purchased from Tamino\u2019s own website<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

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The quarterly figure rose despite September being a slow month, with remittances dipping 3% y-o-y to USD 2.6 bn. In August, remittances grew\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/12\/450.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546447,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/17\/govt-lowers-economic-growth-target-for-next-fiscal-year-plus-remittances-were-up-again-in-march\/","url_meta":{"origin":672567,"position":1},"title":"Gov\u2019t lowers economic growth target for next fiscal year Plus: Remittances were up again in March","author":"enterpriseam admin","date":"17 May 2022","format":false,"excerpt":"The Madbouly government has cut its 2022-2023 growth forecast to 4.5% from 5.5%, a cabinet statement quoted Prime Minister Moustafa Madbouly as saying yesterday. The government was predicting 5.5% growth in the coming fiscal year as recently as last week, when it published its draft budget.Russia\u2019s war in Ukraine has\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/209.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":548842,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/24\/remittances-hit-all-time-high-in-fy2021-2022-driven-by-high-oil-prices-and-cds\/","url_meta":{"origin":672567,"position":2},"title":"Remittances hit all-time high in FY2021-2022, driven by high oil prices and CDs","author":"enterpriseam admin","date":"24 August 2022","format":false,"excerpt":"Remittances hit a record high for the second year running in FY 2021-2022, rising 1.6% y-o-y to USD 31.9 bn, according to central bank figures (pdf) released yesterday. 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