Arab Finance: The third week of July ended with a handful of major economic developments and grand deals in the energy sector, including a six-year agreement between Petrojet and Enppi.
The week's highlights also involved the UNCTAD praising Egypt’s position as Africa's top country attracting foreign direct investment (FDI) for the fourth consecutive year in 2025.
The top 10 viral news stories of the week are as follows:
1- Egyptian-Emirati alliance to invest EGP 20B in Gulf of Suez power transmission line
An Egyptian-Emirati alliance is investing approximately EGP 20 billion to construct a new 500-kilovolt power transmission line that will carry electricity generated from renewable energy projects in the Gulf of Suez to the Hawamdiya substation south of Giza.
2- Petrojet, Enppi secure 6-year PDO framework covering over $6B project portfolio
Egyptian engineering and construction companies Petrojet and Enppi have secured a six-year engineering, procurement, and construction (EPC) framework agreement with Petroleum Development Oman (PDO), qualifying the consortium to compete for projects within a portfolio valued at more than $6 billion.
3-Egypt’s auto sales rise 18.2% YoY in May 2026: AMIC
Egypt’s automotive sales increased by 18.2% year on year (YoY) to approximately 16,900 vehicles in May 2026, compared to 14,300 vehicles in the same month of 2025, according to the Automotive Market Information Council (AMIC).
4-SCZONE, US Department of Commerce explore industrial, logistics cooperation
The General Authority for the Suez Canal Economic Zone (SCZONE) discussed ways of deepening cooperation in the industrial and logistics sectors with the US Department of Commerce, as well as probed potential opportunities for American companies within the economic zone.
5-Egypt tops Africa in 2025 FDI for 4th consecutive year with $15.5B inflows: UNCTAD
Egypt remained Africa’s largest recipient of foreign direct investment (FDI) for the fourth consecutive year in 2025, attracting $15.5 billion in inflows, the Cabinet Media Center revealed, citing the United Nations Conference on Trade and Development's (UNCTAD) World Investment Report 2026.
6- Alexandria Port Authority signs maritime cooperation MoU with Montenegro counterpart
The Alexandria Port Authority and the Port Authority of Montenegro signed a memorandum of understanding (MoU) to strengthen cooperation in maritime transport, port operations, and logistics.
7- Egypt restores electricity supply to Libya through interconnection lines to support grid recovery
Libya's Minister of Electricity and Renewable Energy, Awad Al-Badri, held talks with Egypt's First Undersecretary of the Ministry of Electricity and Energy, Ahmed Mahina, and Head of the Egyptian Control Center, Adel Al-Omari, resulting in an agreement to restore electricity supply through the Libyan-Egyptian interconnection lines.
8- FRA extends debt collection compliance deadline to January 2027
The Financial Regulatory Authority (FRA) has granted non-banking financial institutions an additional six-month grace period to comply with regulations governing debt collection activities, extending the deadline to January 22nd, 2027.
9- Valu, Wego team up to offer flexible travel payments in Egypt
U Consumer Finance (Valu) has partnered with Wego, the MNEA’s largest online travel marketplace, to offer flexible payment solutions for Egyptian travellers.
10- MSMEDA extends EGP 550M facility to Fawry MSME Finance
The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has extended an EGP 550 million financing facility to Fawry MSME Finance, a fully owned subsidiary of Fawry for Banking Technology and Electronic Payments.
