NBFS-

Beltone secures SME finance license: Beltone Holding has received the greenlight from the Financial Regulatory Authority to launch its SME finance service, according to a statement (pdf). This milestone underscores Beltone’s commitment to addressing the growing needs of SMEs in Egypt and the region, the statement read.

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What they said: “We are dedicated to providing innovative and tailored financing solutions to meet the needs of SMEs,” said Beltone SMEs CEO Ashraf Abdel Fattah. “Our aim is to serve as a catalyst for SME growth and development by equipping them with financial tools and resources to achieve their business objectives.”

MINING-

Fresh details on the Aswan mining complex: The Oil Ministry’s industrial miningcomplex in Aswan is expected to see EGP 700 mn in investments over two phases, an unnamed government official tells Al Arabiya. State-owned Shalateen Mineral Resources — the project owner — will finance the complex, with investments to be pumped in two phases ending May 2026. Egypt Gas is currently implementing the first phase of the complex, with plans to have it ready in 2Q 2025.

The initial phase will house 56 factories, with the number expected to rise to over 112 by the end of the second phase. The project is designed to regulate informal mining activities and boost extraction rates by 70-80%, the official added.

COMMODITIES-

Dates on the EMX? The government is looking into either adding dates to the Egyptian Mercantile Exchange (EMX) or creating an exchange only for date trading, unnamed sources at the Agriculture Ministry told Enterprise, adding more color to a statement from the ministry. Agriculture Minister Alaa Farouk yesterday discussed all things date with Abdelrahman Al Habib, the executive director of the International Dates Council.

** We dive into all things date production industry in an Inside Industry published last year.

MANUFACTURING-

MO Group is expanding production: Food and beverage producer MO Group for Food Industries is investing some EGP 100 mn to add new production lines for chocolate and biscuits, Chairman Hamdy Al Abraq told Al Mal. The company expects production on its new lines to begin before the end of the year.

HOSPITALITY-

Safir wants to boost hotel room capacity in Egypt: Kuwait’s Safir Hotels & Resorts wants to increase its hotel room capacity in Egypt by 50% to 1.5k next year by adding more hotels to its portfolio, the company’s general manager in Egypt Hussein Shoukry tells Al Arabiya. The company is currently in talks to manage two new hotels — one near the Pyramids and the other in Downtown Cairo.

In line with state efforts: The government has been working to push hospitality players to increase their hotel room capacity in line with its goal to attract 25 mn tourists per year by 2028. The Madbouly cabinet approved a EGP 50 bn tourism initiative in December that will see the government offer financial incentives to encourage hospitality players to increase their hotel room capacity.

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