HOSPITALITY-

#1- The finance and tourism ministries have officially launched a new EGP 50 bn subsidized loan program for the tourism sector, according to a joint statement. The initiative will offer financing at 12% interest, providing tourism operators with extended support to expand facilities and accommodate an anticipated growth in visitor numbers — with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates.

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Refresher: The program, which was approved by the cabinet back in July, will give the eligible companies access to up to EGP 1 bn in financing —- rising to EGP 2 bn for related entities, over the course of one year. Funding must be accessed within 16 months, with companies receiving a six-month grace period to obtain final or temporary operating licenses. Under the program, participating companies will have to convert some 40% of their foreign currency revenue through formal banking channels. The program will run until the end of June 2026.

#2- Cairo will be home to the world’s largest Sofitel: French hospitality group Accor Group will open its Sofitel Cairo Downtown Nile — the largest Sofitel in the world — in January 2025, according to a statement. The 615-key hotel is Accor’s fourth Sofitel in Egypt and will include four dining venues, a wellness center, and some 2k sqm of venue space. The hotel will operate under a management agreement with the International Company for Touristic Investments.

REGULATIONS-

FRA issues new regulations for ins. firms: The Financial Regulatory Authority has issued a new decision that requires ins. companies to regularize their operations in line with the Unified Ins. Law by 1 December. according to an FRA statement.

Remember: President Abdel Fattah El Sisi ratified the Unified Ins. Law back in July. The law aims to regulate ins. companies, special funds, obligatory operations such as highway accidents, and state the new supervisory rules for the ins. industry.

LOGISTICS-

Egypt activates oil agreement with Fujairah: Egypt has welcomed the first oil tanker as part of an MoU inked with the Emirate of Fujairah earlier this year, according to an Oil Ministry statement on Friday. The MoU, signed in August, outlines plans to transform Al Hamra port on the Mediterranean coast into a USD 3 bn petroleum logistics zone. The construction of the zone is reportedly expected to kick off in 1H 2025, with an estimated completion time of three years.

LEISURE-

Somabay partners with Wander Development to develop, manage, and operate a new commercial hub, expected to be completed by 2025, according to a statement(pdf). The project will include shopping spaces, food and beverage outlets, workspace solutions, and hospitality offerings.

WATER SECURITY-

More collaboration on water security for Egypt and Uganda: Egypt and Uganda announced plans to collaborate on water projects aimed at benefiting all Nile Basin countries, agreeing to hold a joint political consultation session to discuss water security, according to a statement.

AVIATION-

Air Cairo has launched a new regular flight route linking Cairo, Aswan, and Abu Simbel. Over 70 international tourists were aboard the route’s inaugural flight last week, according to a Civil Aviation Ministry statement. The airline increased its weekly flights between Cairo and Aswan to 26, between Aswan and Abu Simbel to nine, and between Cairo and Luxor to 20.

That’s not all: Air Cairo last week commenced the first of its flights from Giza’s Sphinx International Airport to Sharm El Sheikh and Hurghada. The flight operator has plans to expand its international network and increase its fleet to 40 aircrafts by March 2025.

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