Arab Finance: The first week of May brought additional reassurance for Egypt’s economy, as the Egyptian Tax Authority (ETA) confirmed that the tax amendments currently under discussion in Parliament concerning the scheduled tax on natural gas will not result in any increase in household natural gas prices or place any additional financial burden on consumers.

The following are highlights of the top news stories posted between May 31st and June 4th:

1-Egyptian Tax Authority says natural gas tax amendments not to affect household bills

The Egyptian Tax Authority (ETA) said that the tax amendments currently under discussion in Parliament regarding the scheduled tax on natural gas will not lead to any increase in household natural gas prices or impose additional financial burdens on consumers.

2-EGX in talks with S&P Dow Jones over potential frontier market reclassification: Radwan

The Egyptian Exchange (EGX) is in talks with S&P Dow Jones Indices to better understand the requirements behind the company's proposal to reclassify Egypt from an emerging market to a frontier market.

3-Remittances from Egyptians abroad rise 32% YoY in first 9 months of FY2025/26

Remittances from Egyptians working abroad reached a record $34.9 billion during the first nine months of the current fiscal year (FY) 2025/2026.

4-Egypt's wheat procurement surpasses 4.3M tons

Egypt has received more than 4.3 million tons of locally produced wheat so far this current harvest season, achieving 86% of its procurement target.

5-SCZONE revenues rise to EGP 11.6B in FY2024/25

Revenues generated by the Suez Canal Economic Zone (SCZONE) more than tripled over the past eight years, rising from EGP 2.8 billion in fiscal year (FY) 2016/2017 to EGP 11.6 billion in FY 2024/2025.

6-Egypt's non-oil private sector remains subdued for 5th month in May: PMI

Egypt's non-oil private sector remained under pressure in May 2026 as rising inflation, higher fuel and electricity costs, and currency weakness weighed on demand.

7-Emaar Misr says no CEO appointed, Mohamed Alabbar maintains operational oversight

Emaar Misr for Development has issued a clarification regarding its executive structure, confirming that no Chief Executive Officer (CEO) has been appointed.

8-EBRD considers $200M loan for 2 wind projects in Egypt

The European Bank for Reconstruction and Development (EBRD) is considering providing up to $200 million in senior loans for the construction and development of two onshore wind power projects in Ras Ghareb, located in Egypt’s Red Sea Governorate.

9-Fawry, Domty launch 1st full-fledged digital program for wholesalers, distributors in Egypt

Fawry for Banking Technology and Electronic Payment entered into a strategic partnership agreement with Arabian Food Industries Company (Domty) to launch an innovative B2B loyalty program targeting Domty’s network of wholesalers and distributors across all governorates in Egypt.

 

10-Egypt, SOCAR mull activating long-term strategic partnership in oil, gas sector

Minister of Petroleum and Mineral Resources Karim Badawi discussed steps to activate a long-term strategic partnership between Egypt and Azerbaijan in the oil and gas sector during a meeting with officials from the State Oil Company of the Republic of Azerbaijan (SOCAR) on the sidelines of Baku Energy Week in the Azerbaijani capital from June 1st to 3rd.