Good afternoon, friends, and welcome to the last day in October. Don’t forget to turn back your analog clocks by 60 minutes tonight and enjoy an extra hour of sleep.

THE BIG STORY TODAY

Government kicks off EGP 50 bn loan program for hospitality players: The tourism and finance ministries have officially launched an EGP 50 bn program offering subsidized loans at a 12% interest rate to tourism players, with the aim to increase the nation’s existing hotel room capacity, according to a joint statement.

Refresher: The cabinet approved the program back in July, stating that it will prioritize the areas of Luxor, Aswan, Greater Cairo, the Red Sea governorate, and South Sinai. Companies will have 16 months from the initial disbursement to access the funds, with the final deadline for the program set for 30 June 2026. Companies have to exchange no less than 40% of their hard currency revenues through the banking system to benefit from the program.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • More manufacturing news: On a day busy with manufacturing news, the cabinet greenlit a new Sidpec project and DP World signed an MoU to explore the possibility of developing a public freezone in the new capital.
  • Cabinet greenlighted a number of decisions during its weekly meeting, which covered education, tax facilities, and energy.
  • Egyptian construction tech startup Elmawkaa has been acquired by Saudi-based real estate appraisal platform Ayen in a SAR seven-figure transaction that will see Ayen integrate Elmawkaa’s construction materials marketplace into its property evaluation platform.

☀️ TOMORROW’S WEATHER- It’s getting cooler and cooler with a high of 26°C and a low of 18°C in the capital tomorrow, according to our favorite weather app.

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