American YouTuber harassed by tuk-tuk driver 🛺

What else: New gas and oil deals, new USD 7.5 billion Qatari investment, a new EGX Head, and much more inside.

August 31, 2025

August 24 – 30 | 2025

(Image: Marius Mann / Pexels)

Hello friends,

Welcome back to your weekly dose of everything happening in Egypt. No fluff, no filler — only the stories that matter. But before you scroll down, here’s two quick updates worth knowing.

🌕️ Lunar eclipse in Egypt: A total lunar eclipse will be visible in Egypt on 7 September. While the full spectacle will last close to five and a half hours, the shadow of the earth will completely obscure the moon between 6:44 pm and 7:37 pm, with the peak being at 7:11 pm.

☪️ Islamic holiday: Egyptians are getting a three-day weekend this week, with Thursday 4 September being a national holiday in observance of Moulid El-Nabi.

Let’s jump into this week’s news, where the economy took center stage.

OIL & GAS | FOREIGN INVESTMENT | ENERGY
EGYPT INKS $340 MILLION IN NEW OIL AND GAS DEALS

Image: Rob Barber / Unsplash

Egypt has signed four oil and gas exploration agreements worth over USD 340 million (EGP 17 billion) through state-owned EGAS, covering 10 planned wells across the Mediterranean and Nile Delta.

Who’s involved: Shell will drill three offshore wells in the Mediterranean’s Merneith block with USD 120 million (EGP 5.8 billion) in investments, while Italy’s Eni is committing USD 100 million (EGP 4.8 billion) for three wells in East Port Said. Arcius Energy — a BP-XRG joint venture — will spend USD 109 million (EGP 5.2 billion) in North Damietta, and Russia’s Zarubezhneft will drill four onshore wells in North El-Khatatba for USD 14 million (EGP 677.8 million).

Refresher: Once a net exporter of energy, Egypt now depends more heavily on imports to satisfy growing domestic consumption, as production from mature fields declines and new investment struggles to keep pace according to Reuters.

🏦 MORE ECONOMY:

⛽ MORE GAS: Egypt’s natural gas production fell sharply in May to 3.55 million cubic meters as opposed to 6.13 million cubic meters, more than 40 percent lower than in March 2021 – Know more

📉 INTEREST RATES: Egypt’s central bank lowered its benchmark interest rates by two percentage points on Thursday, its largest reduction in over a year, as inflation eased and economic growth outpaced expectations – Know more

💸 REMITTANCES: Remittances from Egyptians abroad hit a record USD 36.5 billion in 2024/25, up 66.2 percent from the year before – Know more

🏘️ HOUSING INITIATIVE: Egypt will offer 1,380 new units for Egyptians abroad under the second phase of the Your Home in Egypt initiative – Know more

⛏️ MINING: Egypt’s mining sector is ramping up with Shalateen boosting gold output, WadiCo discovering new phosphate reserves, and plans underway for a major gold complex in Aswan – Know more

⚖️ TRADE DEFICIT: Egypt’s trade deficit hit USD 4.4 billion in June 2025, up 23.4 percent from USD 3.56 billion a year earlier – Know more

💰 TAX REVENUES: Egypt’s tax revenues climbed 35 percent to EGP 2.2 trillion (USD 46 billion) in the last fiscal year without introducing new taxes or additional burdens – Know more

SEXUAL HARASSMENT | CRIME | VLOG
TUK-TUK DRIVER ARRESTED FOR HARASSING AMERICAN YOUTUBER

Image: GVentures / YouTube

A tuk-tuk driver in Cairo was arrested after a video circulated on social media showing him harassing American YouTuber Gisselle in the Imam al-Shafi’i cemetery area. Authorities identified and apprehended the driver, seized his vehicle, and confirmed he confessed to the crime.

Wider problem: Harassment remains a pervasive issue in Egypt, with studies showing that nearly 99 percent of women have faced some form of it, particularly in public spaces and on transport. Despite this, fewer than 1 percent of victims report incidents to the police. Tuk-tuks have often been tied to harassment cases, including a 2017 assault case that led to a 5-year prison sentence.

Legal backdrop: Egypt has toughened penalties in recent years. A 2023 Penal Code amendment set prison terms of up to 5 years and fines of up to EGP 300,000 (USD 6,185) for harassment in workplaces and public spaces. In 2025, Law No. 14 expanded protections by explicitly banning harassment, bullying, and workplace violence, including online abuse.

🏠️ MORE SOCIETY:

🎪 CIRCUS: Egypt’s Administrative Court has sent a lawsuit calling for an end to animal performances in circuses to the Commissioners’ Department for review – Know more

🤖 AI: Egypt will introduce AI curricula in schools starting this year – Know more

🚂 TRAIN CRASH: Three people were killed and 94 others injured after a passenger train derailed in Egypt’s North Coast – Know more

🥭 MANGOS: A Egyptian Streets feature on how Ismailia’s renowned mango farmers are adapting to climate change – Know more

QATAR | FOREIGN DIRECT INVESTMENT
QATARI TO ACTIVATE $7.5 BILLION INVESTMENTS IN EGYPT SOON

Image: Egyptian Cabinet / Facebook

Egypt and Qatar are moving closer to agreeing on a USD 7.5 billion (EGP 363.1 billion) direct investment package, first announced during President Abdel Fattah Al-Sisi’s visit to Doha in April. This week, Egyptian Prime Minister Moustafa Madbouly met his Qatari counterpart Sheikh Mohammed bin Abdulrahman Al Thani in Cairo to outline steps for implementation and reviewed ways to facilitate Qatari capital entry into Egypt’s business community.

Agreements signed Several memoranda of understanding (MoUs) were inked during the visit, including cooperation on social insurance and pensions, the launch of a political consultation mechanism between the two foreign ministries, and plans to establish an Egyptian-Qatari Business Council. Discussions also highlighted priority sectors for Qatari investments such as transport, logistics, food security, renewable energy, tourism, and industrial localization.

Agriculture boost Another MoU focused on agriculture and food security, covering collaboration in plant, animal, and fish production, greenhouse cultivation, vaccine development, organic farming, and food supply chains.

Both sides also coordinated positions on Gaza, reaffirming opposition to Israeli military operations and calling for a ceasefire, humanitarian access, and the release of hostages.

🌍️ MORE FOREIGN AFFAIRS:

🇦🇪 UAE: Emirati President Sheikh Mohammed bin Zayed wrapped up a two-day visit to Egypt, highlighting a “shared destiny and common vision” with Cairo on regional challenges – Know more

🇦🇪 MORE UAE: The Emirates opened a 7.5 kilometer pipeline project to transport desalinated water from plants in Egypt into Gaza, with a capacity of more than 7.5 million litres of water a day to serve more than one million a day – Know more

🇮🇱 ISRAEL: Egypt sent its 26th humanitarian convoy, while Israeli authorities continue to block the entry of medical supplies – Know more

📺️ GLOBAL MEDIA: Egypt’s National Media Authority will produce TV programs in 23 languages, including major African tongues, marking the Arab world’s first initiative of its kind – Know more

EGX | ISLAM AZZAM | INVESTMENTS
NEW EGX CHAIRMAN EXPLORES INCENTIVES TO BOOST IPOs

Image: Egyptian Finance Ministry / Facebook

There’s a new EGX head in town, and already the government is moving to shake up the market. On his very first day in office, newly appointed Egyptian Stock Exchange Chairperson Islam Azzam sat down with Prime Minister Mostafa Madbouly, Finance Minister Ahmed Kouchouk, and FRA Head Mohamed Farid to chart a path for increasing IPOs, boosting liquidity, and drawing more investors to the bourse.

IPO incentives: Among the proposals on the table is a full tax exemption on IPO proceeds, a measure expected to be finalized by month’s end. The move ties into Egypt’s privatization drive and aims to encourage major companies to list on the exchange while opening the door to greater investor participation.

Market reforms: Azzam outlined a two-pronged vision: expanding financial instruments, including a long-awaited derivatives market, and introducing a market maker mechanism to improve efficiency. Farid emphasized ongoing regulatory work on fintech and sustainable finance, while Madbouly stressed that a stronger, more active stock market is central to Egypt’s broader economic reform agenda.

💡 MORE BUSINESS:

🤖 LABOR LAW: Are you an employer or employee in Egypt? Here’s what the newly updated Labor Law means for you – Know more