{"id":674211,"date":"2025-10-26T00:00:00","date_gmt":"2025-10-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/26\/remittances-recorded-usd-3-5-bn-in-august\/"},"modified":"2025-10-26T00:00:00","modified_gmt":"2025-10-26T00:00:00","slug":"remittances-recorded-usd-3-5-bn-in-august","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/26\/remittances-recorded-usd-3-5-bn-in-august\/","title":{"rendered":"Remittances recorded USD 3.5 bn in August"},"content":{"rendered":"

Good morning,<\/strong> friends. <\/strong>We kick off the last week of October with a brisk issue, led by HSBC\u2019s next moves as it reviews its retail business in Egypt and BMI upgrading our growth forecast. We also have plenty to look forward to when the week draws to a close, with the Grand Egyptian Museum\u2019s official inauguration taking place next Saturday.<\/p>\n

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

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PSA- <\/p>\n

<\/a> The countdown to GEM\u2019s official opening has officially begun<\/strong>, with the long-anticipated opening event festivities for the world\u2019s largest archaeological museum kicking off in six days. To ensure smooth operations, Prime Minister Moustafa Madbouly announced<\/a> the day \u2014 Saturday, 1 November \u2014 a paid day off for public sector workers.<\/p>\n

Who will be in attendance? <\/strong>While we\u2019re yet to see a list of which world leaders will be in town to attend the event, a cabinet statement says \u201ca large number of kings and heads of states\u201d are expected to attend.<\/p>\n

REMEMBER- <\/strong>The government delayed the opening<\/a> of the museum following Israel striking Iran mid-June, pushing the grand opening from 3 July to the last quarter of the year. The museum is expected to attract up to 5 mn visitors a year and provide a boost to a sector that employs around 10% of Egypt\u2019s workforce.<\/p>\n

WEATHER- <\/strong>It\u2019s another sunny day in Cairo, with a high of 30\u00b0C and a low of 19\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s more or less the same in Alexandria<\/strong>, with a high of 27\u00b0C and a low of 19\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

#1- Egypt is eyeing itself as a future commercial producer of rare earth <\/strong>minerals<\/strong>, with a plan underway to establish an integrated industrial complex for the extraction of rare earth elements, according to a statement<\/a> from the Electricity Ministry. The state wants to exploit the presence of rare earth minerals in earth ores that are already mined, but not fully utilized. Due to the presence of rare earth elements within existing phosphate deposits, the facility will also produce organic fertilizers.<\/p>\n

SOUND SMART- Despite the misleading name, rare earth minerals aren\u2019t actually that <\/strong>rare<\/strong>, with the rarest of the 17 elements falling under the label being at least a hundred times more prevalent than gold. What gives them the label is the fact that they are usually so dispersed that mining is not economically viable and the process of refining them into usable materials is incredibly difficult and costly. <\/p>\n

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<\/a> #2- Saudi renewables giant Acwa Power is planning to manufacture water <\/strong>desalination components and establish desalination plants in partnership with the government<\/strong>, CEO Marco Arcelli said during a meeting<\/a> with Prime Minister Moustafa Madbouly.<\/p>\n

Madbouly asked for the final proposal to be presented to him <\/strong>\u201cwithin the coming weeks<\/strong>\u201d and emphasized that \u201clocalizing this industry is what matters to us now, and it is a prerequisite for negotiations with companies seeking to build desalination plants in Egypt.\u201d<\/p>\n

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#3- Juhayna shareholders\u2019 move to disqualify Qatar\u2019s Baladna from <\/strong>running <\/strong>for the board was shot down by the Financial Regulatory Authority<\/strong>, citing the second-largest shareholder\u2019s legal right to representation despite running a company in a similar business, according to a statement (pdf)<\/a> from the authority. Shareholders had previously voted to ban candidates from companies understood to be in competition with Juhayana from ascending to the board.<\/p>\n

REMEMBER- The Qatari company has been <\/strong>increasing its stake<\/a><\/strong> in Egyptian dairy giant <\/strong>Juhayna over the last few years <\/strong>and is now its second-largest shareholder with 16.3% of the company. Baladna first bought into the company in July 2021, after which it raised its stake to 5% in March 2022<\/a> and to 10% two months later<\/a>.<\/p>\n

DATA POINT- <\/p>\n

<\/a> Remittances rose 32.6% y-o-y to USD 3.5 bn in August<\/strong>, continuing their post-EGP-float momentum with 18 consecutive months<\/a> of y-o-y remittance growth, according to a statement (pdf)<\/a> from the Central Bank of Egypt. Over the first eight months of 2025, remittances went up 47.2% y-o-y to a record USD 26.6 bn.<\/p>\n

It\u2019s not just the post-float collapse of the parallel market driving remittances, but rising <\/strong>inflation also. <\/strong>Many Egyptians abroad have continued to increase the amount they send to their families at home to meet the rising cost of living for Egyptian households, one analyst told EnterpriseAM. Despite the welcome news that inflation is now at its slowest pace since March 2022<\/a>, prices are still rising.<\/p>\n

On a monthly basis, remittances were down 8% \u2014 but don\u2019t fret. <\/strong>Month-on-month comparisons are subject to numerous factors, so slight dips between months are \u201cperfectly normal,\u201d HC Securities' Heba Mounir told us. <\/p>\n

Total remittances for the year should hit USD 38 bn<\/strong>, up from USD 36.5 bn the previous fiscal year, Al Ahly Pharos\u2019 Hany Genena told EnterpriseAM.<\/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

CIRCLE YOUR CALENDAR- <\/p>\n

<\/a> Fresh industrial land plots up for grabs: <\/strong>The Industry Ministry is offering 1,128 industrial land plots across 16 governorates through the Made in Egypt<\/a> platform, according to a statement<\/a> from the ministry. The plots \u2014 ranging from 190k-500k sqm \u2014 are designated for projects in the food, engineering, chemical, pharma, textile, and building materials sectors. Investors have between 29 October and 6 November to apply.<\/p>\n

The details: <\/strong>Applicants can apply for two plots \u2014 their first choice and their second choice. Priority will be given to applicants from previous rounds whose technical and financial studies were approved but who did not secure land \u2014 provided they did not refund their booking deposit. The plots are available under ownership or usufruct systems.<\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

** DID YOU KNOW that we cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

THE BIG STORY ABROAD- <\/p>\n

Trump <\/strong>announces higher tariffs on Canadians goods: <\/strong>US President Donald Trump announced a 10% increase in tariffs on Canada \u2014 imports from the country are currently subject to a baseline 35% tariff<\/a> \u2014 in response to a television ad sponsored by Canada\u2019s Ontario province, featuring former Republican US president Ronald Reagan criticizing tariffs as harmful to the economy. \u201cTheir Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,\u201d Trump said in a post on Truth Social<\/a>. A day earlier, the US president had ended all trade negotiations with Canada<\/a> because of the ad, which he referred to as \u201cfraud\u201d and \u201chostile\u201d.(Reuters<\/a> | AP<\/a> | WSJ<\/a> | NYT<\/a> | Bloomberg<\/a> | The Guardian<\/a>) <\/p>\n

ALSO IN <\/strong>THE US-<\/strong> Former US Vice President Kamala Harris may run for president once again, telling the BBC<\/a> that a woman will likely become president in the coming years \u2014 \u201cpossibly\u201d her. She added that she hadn\u2019t decided yet whether to run for the 2028 presidential elections, but told the Associated Pres<\/a>s<\/a> a week earlier that running again in 2028 is \u201cstill on the table.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We kick off the last week of October with a brisk issue, led by HSBC\u2019s next moves as it reviews its retail business in Egypt and BMI upgrading our growth forecast. We also have plenty to look forward to when the week draws to a close, with the Grand Egyptian Museum\u2019s official […]<\/p>\n","protected":false},"author":1,"featured_media":674212,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,2396,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-674211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-remittances","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"785a7bd4-ebf3-4319-8c23-baa2b84ced04","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/10\/1301.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Remittances recorded USD 3.5 bn in August","related_issue":[674209],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/10\/.e77f40e7-336f-402b-ae60-e0e95a91fc87.mp3"},"yoast_head":"\nRemittances recorded USD 3.5 bn in August - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/10\/26\/remittances-recorded-usd-3-5-bn-in-august\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Remittances recorded USD 3.5 bn in August\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. We kick off the last week of October with a brisk issue, led by HSBC\u2019s next moves as it reviews its retail business in Egypt and BMI upgrading our growth forecast. 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Today is hump day \u2014 not yesterday, as we (however wishfully) declared it. It\u2019s not a particularly busy news day here at home, but we\u2019ve learned that these tides can change swiftly.THE BIG STORY TODAY Remittances hit a record high in FY2021-2022 for the second year in\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631919,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/08\/this-evening-remittances-rise-72-8-y-o-y-in-may\/","url_meta":{"origin":674211,"position":1},"title":"THIS EVENING: Remittances rise 72.8% y-o-y in May","author":"enterpriseam admin","date":"8 July 2024","format":false,"excerpt":"Good afternoon, ladies and gentlemen, and happy Monday. Today is the midway mark to this shorter business week. THE BIG STORY TODAY Remittances from Egyptians abroad surged 73.8% y-o-y in May to USD 2.7 bn, according to a statement (pdf) from the central bank. On a monthly basis, remittances increased\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/439.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":655875,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/25\/remittances-from-egyptians-abroad-double-y-o-y-in-september\/","url_meta":{"origin":674211,"position":2},"title":"Remittances from Egyptians abroad double y-o-y in September","author":"enterpriseam admin","date":"25 November 2024","format":false,"excerpt":"Good afternoon, all. It\u2019s another cold day here in the capital as we inch closer to the end of the fall season and prepare to welcome one chilly winter. THE BIG STORY TODAY- Remittances from Egyptians working abroad more than doubled y-o-y in September to hit USD 2.7 bn, according\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/11\/1086.jpeg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":570882,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/21\/egypts-remittances-rise-33-y-o-y-in-january-and-february\/","url_meta":{"origin":674211,"position":3},"title":"Egypt\u2019s remittances rise 33% y-o-y in January and February","author":"enterpriseam admin","date":"21 April 2020","format":false,"excerpt":"Remittances from Egyptians abroad for January and February rose by a third y-o-y to USD 5.2 bn, up from USD 3.9 bn in the same period last year, according to official data (pdf).","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":663911,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/04\/16\/a-record-breaking-january-for-remittances\/","url_meta":{"origin":674211,"position":4},"title":"A record-breaking January for remittances","author":"enterpriseam admin","date":"16 April 2025","format":false,"excerpt":"Good afternoon, everyone. After a few busy days, it appears that the newscycle \u2014 at least on the home front \u2014 has taken a breather. THE BIG STORY TODAY- Remittances from Egyptians abroad continued their upward pace to kick off the year, rising by 83.2% y-o-y to USD 2.9 bn\u2026","rel":"","context":"In "WHAT WE\u2019RE TRACKING TONIGHT"","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1361.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590091,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/13\/last-nights-talk-shows-on-remittances-egypts-sudan-summit\/","url_meta":{"origin":674211,"position":5},"title":"Last Night\u2019s Talk Shows on remittances, Egypt\u2019s Sudan summit","author":"enterpriseam admin","date":"13 July 2023","format":false,"excerpt":"Remittances are still being disbursed in the currency in which they were sent","rel":"","context":"In "LAST NIGHT\u2019S TALK SHOWS"","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/522.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/674211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=674211"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/674211\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/674209"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/674212"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=674211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=674211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=674211"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=674211"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=674211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}