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Eni to Invest $7.7 Bn in Egypt’s Energy Sector

An offshore gas platform of the Italian company Eni. (Getty Images)
An offshore gas platform of the Italian company Eni. (Getty Images)
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Eni to Invest $7.7 Bn in Egypt’s Energy Sector

An offshore gas platform of the Italian company Eni. (Getty Images)
An offshore gas platform of the Italian company Eni. (Getty Images)

Eni Energy Company President Claudio Descalzi said the Italian company and its partners intend to inject new investments into Egypt over the coming four years at a value of $7.7 billion.

The investment reflects the Italian energy company’s commitment to boosting its successful projects in Egypt.

Egypt’s President Abdel Fattah al-Sisi received Descalzi during a meeting attended by Minister of Petroleum and Mineral Resources Tarek El-Molla and senior Eni officials.

Descalzi underscored Egypt’s great importance as one of the significant markets for Eni’s activities and business worldwide, given the promising opportunities in its energy sector, noting the state and president’s interest in upgrading this vital sector and maximizing its revenues.

Descalzi reviewed the company’s upcoming search and exploration plans and development operations activities. He also highlighted the progress achieved in energy efficiency and sustainability projects related to the energy transition, in line with the Memorandum of Understanding (MoU) signed in March 2023.

Presidency Spokesman Ahmad Fahmy said Sisi underscored the outstanding Egyptian-Italian relations and the longstanding partnership with Eni.

He praised the numerous activities the company has implemented in Egypt at the highest global standards.

He said he looks forward to further advancing the fruitful cooperation between Egypt and Eni in search, exploration, development, and production to leverage the national resources in the energy sector and enhance the vast successes.

Meanwhile, Prime Minister Mostafa Madbouly held a meeting to discuss procedures of the new incentive package for industrial investment ordered by Sisi.

The meeting was attended by Minister of Trade and Industry Ahmed Samir, Chairman of the General Authority for Industrial Development Mohamed Abdel Karim, and Executive Director of Industrial Modernization Center Doaa Salima.

The Minister of Trade explained that the new incentives to push industrial investment aim to achieve one or more goals that include deepening local manufacturing.

They are also devised to attract investments in production input industries, cover local needs for strategic goods, especially pharmaceuticals, shrink the trade balance deficit, reduce the demand for the dollar for import operations, expand exports, and increase employment rates.

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Business

Egypt Signs MoU to Supply Syria with Gas, Ministry Says

Crowds gather in a street decorated with lights during New Year celebrations in Damascus, Syria, 31 December 2025. (EPA)
Crowds gather in a street decorated with lights during New Year celebrations in Damascus, Syria, 31 December 2025. (EPA)
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Egypt Signs MoU to Supply Syria with Gas, Ministry Says

Crowds gather in a street decorated with lights during New Year celebrations in Damascus, Syria, 31 December 2025. (EPA)
Crowds gather in a street decorated with lights during New Year celebrations in Damascus, Syria, 31 December 2025. (EPA)

Egypt has signed two memoranda of understanding (MoU) with Syria to cooperate on supplying gas for power generation and ‌meeting Syria's ‌petroleum product ‌needs, Egypt's ⁠petroleum ministry ‌said on Monday.

The statement said that Syria would receive gas through regasification ships or gas ⁠transportation networks, without providing details ‌on quantities.

Due ‍to ‍the destruction of ‍energy infrastructure during its 14-year civil war, Syria today produces just a fraction of the electricity it needs, though ⁠the supply of power has improved notably in the past months thanks to supplies of gas from Azerbaijan and Qatar.

Business

Morocco Receives 19.8 Million Tourists in 2025, Tourism Ministry Says

Employees and passengers walk in front of Fes Railway Station, which is decorated with Africa Cup of Nations (AFCON) theme colors, in the Moroccan city of Fes, January 5, 2026. (Reuters)
Employees and passengers walk in front of Fes Railway Station, which is decorated with Africa Cup of Nations (AFCON) theme colors, in the Moroccan city of Fes, January 5, 2026. (Reuters)
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Morocco Receives 19.8 Million Tourists in 2025, Tourism Ministry Says

Employees and passengers walk in front of Fes Railway Station, which is decorated with Africa Cup of Nations (AFCON) theme colors, in the Moroccan city of Fes, January 5, 2026. (Reuters)
Employees and passengers walk in front of Fes Railway Station, which is decorated with Africa Cup of Nations (AFCON) theme colors, in the Moroccan city of Fes, January 5, 2026. (Reuters)

Morocco received a record 19.8 million tourists in 2025, up 14% from a year earlier, the tourism ministry said on Monday.

Tourism ‌accounts for ‌about ‌7% ⁠of the ‌North African country's gross domestic product and is a key source of jobs and foreign currency.

Morocco has opened additional ⁠air routes to key ‌tourist markets, while promoting ‍new ‍destinations within the ‍country and encouraging the industry to renovate and open new hotels.

Between January and November, tourism revenue totaled 124 billion dirhams ($13.5 billion), ⁠up 19% year-on-year, the ministry said in a statement.

Morocco aims to reach 26 million tourists by 2030, when it will co-host the football World Cup with Spain ‌and Portugal.

Business

Saudi Economy Poised for Strong Non-Oil Momentum in 2026

A general view of the Saudi capital Riyadh. (SPA)
A general view of the Saudi capital Riyadh. (SPA)
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Saudi Economy Poised for Strong Non-Oil Momentum in 2026

A general view of the Saudi capital Riyadh. (SPA)
A general view of the Saudi capital Riyadh. (SPA)

Saudi Arabia enters 2026 amid an accelerating transformation driven by Vision 2030 targets, even as global economic growth slows to about 3.1% and global inflation eases to roughly 3.7%, according to IMF estimates.

With geopolitical tensions and protectionist policies heightening global uncertainty, the Kingdom is betting on robust domestic demand and a broader non-oil base to secure more sustainable growth and reduce exposure to oil-market volatility.

Finance Ministry projections point to real GDP growth of 4.6% in 2026, led by non-oil activities as the main engine of expansion. This momentum reflects the rapid development of promising sectors, from tourism and entertainment to industry, transport and logistics, which have lifted their contribution to output. In 2024, non-oil activities reached a record SAR 2.6 trillion ($693 billion), growing 6%.

Continued growth

Alongside growth, a structural shift is evident on two fronts. First, digital transformation is accelerating: electronic payments accounted for 79% of individual transactions in 2024, e-commerce sales surged 64.3% by end-August 2025, and point-of-sale sales rose 6.1%. Second, the private sector and investment are playing a larger role. The purchasing managers’ index stood at a robust 60.2 points in October 2025, signaling stronger demand, output and hiring.

On macro stability, the 2026 budget statement forecasts inflation at 2%, supported by “flexible and balanced” fiscal policies focused on spending efficiency, service quality and the continued rollout of priority megaprojects.

Net foreign direct investment inflows reached SAR 46.5 billion ($12.4 billion) in the first half of 2025, up 29.2%, underscoring sustained confidence in the business environment.

Expansion of promising activities

Economic indicators in 2025 extended the strong results of 2024. From the start of 2025 through the third quarter, real GDP grew 4.1% year on year, driven by a 4.7% expansion in non-oil activities.

Quarterly growth in non-oil sectors reached 4.9% in Q1 and 4.6% in Q2, with wholesale and retail trade, restaurants and hotels up 6.6%; finance, insurance and business services up 5%; and construction up 3.8%. Preliminary estimates show non-oil growth of 4.5% in Q3.

Oil activities grew 3.9% over the same period, reflecting market developments linked to a gradual phase-out of an additional voluntary cut of 2.2 million barrels per day from April to September 2025.

Government activities expanded 1.9%, supported by faster execution of projects with lasting economic impact.

On the demand side, real private final consumption rose 3.5% in the first half of 2025, buoyed by localization programs and an improving labor market. Non-government fixed capital formation increased 4.6%, driven by a 5.2% rise in non-oil investment.

Labor market, tourism and trade

Labor market indicators improved further: overall unemployment fell to 3.2% in Q2 2025, while Saudi unemployment declined to 6.8%. Female participation reached 34.5%, and the number of Saudis employed in the private sector rose by 144,100 year on year to around 2.5 million.

Tourism played a pivotal role. Saudi Arabia ranked first globally in growth of international tourism receipts in Q1 2025 versus Q1 2019, and third in international arrivals, with a 102% increase, supporting the goal of welcoming 150 million visitors annually by 2030.

Average inflation from early 2025 through October hovered near 2%, with the full-year average expected around 2.3%. The goods trade balance posted a surplus of SAR 162 billion ($43.2 billion) through Q3 2025, aided by 17.7% growth in non-oil exports.

Imports rose 10.4%, largely intermediate and capital goods. The travel account recorded a surplus of SAR 32.2 billion in the first half.

Finance, markets and fiscal policy

Banking assets exceeded SAR 4.9 trillion by September 2025, with credit above SAR 3.2 trillion. Corporate lending climbed 19%, non-performing loans fell below 1.2%, and capital adequacy exceeded 19.6%. Equity markets saw 14 listings by end-September, rising institutional participation, and increased foreign ownership.

Preliminary estimates put the 2025 budget deficit at SAR 245 billion (5.3% of GDP), reflecting a flexible fiscal stance supporting transformation. Public debt stood near SAR 1.47 trillion by Q3, with reserves maintained at about SAR 390 billion.