Arab Finance: The final week of October 2026 brought several major developments across Egypt's economy, led by the government's target to raise the minimum wage from EGP 8,000 to EGP 15,000 by fiscal year (FY) 2029/2030.

Here is a roundup of the week's top 10 business and economic headlines:

1-Egypt targets raising minimum wage to EGP 15,000 by FY2029/30: Madbouly

The Egyptian government targets raising the minimum wage from EGP 8,000 to EGP 15,000 by fiscal year (FY) 2029/2030.

2-El-Sisi greenlights $6.19M subscription to World Bank’s IDA

President Abdel Fattah El-Sisi has issued a decree approving Egypt’s subscription of $6.19 million to the 20th replenishment of the capital of the International Development Association (IDA), the concessional lending arm of the World Bank Group.

3-Egypt targets 6.8% growth by FY2029/30; IMF program to conclude end-December

Prime Minister Mostafa Madbouly outlined the goals of the National Economic Transformation Program for 2027–2030, noting that the current program with the International Monetary Fund (IMF) is likely to conclude by the end of December 2026.

4-Egypt's parliament authorizes El-Sisi to support Saudi Arabia against external attacks

Egypt’s House of Representatives voted by a two-thirds majority to authorize President Abdel Fattah El-Sisi to take the necessary measures to support Saudi Arabia against any foreign attacks.

5-Egypt-Russia’s trade volume exceeds $10B for 1st time: Putin

Trade volume between Egypt and Russia increased by 14% in the first eight months of 2026, exceeding $10 billion for the first time.

6-EBRD commits $221M to Egypt’s renewable energy project with Scatec

The European Bank for Reconstruction and Development (EBRD) plans to back the development of large-scale renewable energy and battery storage in Egypt with up to $221 million (€191 million) to strengthen the country’s energy security.

7-Egypt signs preliminary financing terms for $650M Dandara solar project

Prime Minister Mostafa Madbouly witnessed the signing of a preliminary financing terms agreement for the Dandara solar power project in Nagaa Hammadi, Qena Governorate, with total investments estimated at $650 million.

8-Edita plans up to EGP 4B in investments for 2026

Egypt-based snack food producer Edita Food Industries (EFID) plans to invest up to EGP 4 billion in 2026 to expand production.

9-Chevron unveils positive drilling results from Egypt’s Nargis-2 well drilling

Egypt’s Ministry of Petroleum and Mineral Resources and Chevron announced positive results from drilling operations at the Nargis-2 natural gas well in the Mediterranean Sea.

10-Qalaa Holdings' EGM reviews plans to raise stakes in ERC, TAQA Arabia

The extraordinary general meeting (EGM) of Qalaa Holdings, dated October 28, has been informed of the agreement to raise the company's indirect ownership in Egyptian Refining Company (ERC) from 13% to 27.1%, and to increase its holding in TAQA Arabia by around 5%.