Arab Finance: The fourth week of March closed with several notable economic developments, led by Egypt’s plan to settle $1.3 billion in arrears owed to international oil companies (IOCs) by the end of June 2026. In parallel, the government extended the exemption period for mobile phones brought in by Egyptians living abroad from 90 days to 120 days, effective April 1st.
Here are the top 10 viral news stories of the week, from March 22nd to 26th:
1-Egypt to settle $1.3B IOC arrears by end-June
Egypt is set to settle $1.3 billion in arrears to international oil companies (IOCs) by the end of June 2026.
2-Egypt extends customs exemption on mobile phones brought by expatriates starting April
Egypt has extended the exemption period granted to mobile phones brought by Egyptians living abroad from 90 days to 120 days, starting from April 1st.
3-Egypt, Russia discuss progress on Dabaa nuclear plant project
Minister of Electricity and Renewable Energy of Egypt Mahmoud Esmat discussed the progress in the Dabaa nuclear plant project.
4-El-Sisi reviews FY 2026/27 budget, wage increase
President Abdel Fattah El-Sisi met with Prime Minister Moustafa Madbouly and Minister of Finance Ahmed Kouchouk to review the fiscal year (FY) 2026/2027 budget.
5-Fitch Solutions' BMI revises Egypt’s FY2025/26 account deficit forecast at 3.3%
Egypt’s current account deficit is expected to increase to 3.3% of gross domestic product (GDP) during fiscal year (FY) 2025/2026, compared to 2.2%.
6-China Baowu Group mulls expanding steel investments in Egypt
Minister of Industry Khaled Hashem met with a delegation from China Baowu Steel Group, led by Chairman Hu Wangming, to discuss enhancing cooperation and scaling investments in key sectors.
7-NBE secures $313.5M trade finance backed by World Bank’s MIGA
The National Bank of Egypt (NBE) is set to receive a short-term revolving trade loan amounting to $313.5 million backed by the World Bank’s Multilateral Investment Guarantee Agency (MIGA).
8-Valaris DS-12 arrives in Egypt for 4-well drilling program with bp, Arcius
Drilling vessel Valaris DS-12 has arrived in Egyptian territorial waters as part of a program aimed at drilling four new wells for bp and Arcius Energy.
9-Orascom Construction consortium signs PPA for 900 MW wind farm in Egypt
Orascom Construction PLC (ORAS) has signed a power purchase agreement (PPA), in consortium with Aeolus and ENGIE, with the Egyptian Electricity Transmission Company (EETC) to develop a 900-megawatt (MW) wind farm near Ras Shokeir in the Gulf of Suez, Egypt.
10-SUMED pipeline offers key alternative for Gulf oil exports amid Strait of Hormuz disruptions
The SUMED pipeline confirmed its position as a vital alternative route for exporting Gulf crude oil amid disruptions to maritime navigation through the Strait of Hormuz.
