INVESTMENT-

Could we soon see the EU’s EUR 1.8 bn investment guarantee pledge? Planning and International Cooperation Minister Rania Al Mashat met with a delegation from the European Union to discuss unlocking EUR 1.8 bn in investment guarantees from the bloc, according to a statement by the ministry.

Remember: The EUR 1.8 bn investment guarantees were first announced back in March as part of the EU’s EUR 7.4 bn aid package for the country. Channeled through the European Fund for Sustainable Development Plus, the funds are expected to bring in some EUR 11 bn in foreign investment, targeting sectors including energy, food security, water, and climate action, and human capital.

Al Mashat also met with a World Bank delegation to discuss Egypt’s FDI strategy, alongside Investment Minister Hassan El Khatib, according to a separate statement from the ministry. The discussion focussed on Egypt’s FDI strategy for between 2025 and 2030 that is being prepared with the World Bank.

HOSPITALITY-

Palm Hills and Marriott to launch Ritz-Carlton Residences in Cairo: Palm Hills and Marriott International signed an agreement to establish The Ritz-Carlton Residences, according to a statement (pdf). The project, set to open in 2025, spans over 45 acres and features 150 branded units in West Cairo. The residences, located near the Grand Egyptian Museum and Sphinx International Airport, will include facilities such as a pool, fitness center, and lounge, with access to The Ritz-Carlton Palm Hills hotel.

What they said: “This partnership aligns with our strategic vision to strengthen our tourism portfolio and enhance the tourism sector across Egypt, supporting the nation's goals for bolstering the hospitality industry. Palm Hills is broadening its presence in the hospitality sector by expanding its portfolio of hotels across Egypt” Co-CEO Hazem Badran said.

Bank NXT to offer mortgages with the Urban Development Fund: EFG Holding’s commercial bank Bank NXT signed a cooperation protocol with the Urban Development Fund (UDF) to provide mortgage financing to individuals purchasing UDF units in governorates across the country, according to a statement (pdf). The initiative is set to provide financing to individuals from various income levels, including mid-income families, offering flexible terms and attractive interest rates of up to EGP 15 mn in financing.

What they said: “We are committed to driving sustainable development through innovative financial solutions. This cooperation with UDF reflects our unwavering dedication to advancing financial inclusion initiatives that help make homeownership more accessible to a broader population segment,” Bank NXT CEO and Managing Director Tamer Seif said.

PHARMA-

Eipico’s biopharma plant to begin operations during the beginning of next year: Eipico’s USD 100 mn biopharma factory is set to launch operations during 1Q 2025, according to a Health Ministry statement. The factory aims to localize the production of biologics and biopharmaceuticals both in terms of their final products and as active ingredients.

STARTUPS-

ITIDA, Plug and Play to support 60 Upper Egypt startups: The Information Technology Industry Development Agency (ITIDA) and US-based VC firm Plug and Play inked an MoU to support 60 tech startups in Upper Egypt through five bootcamps, according to a statement from the CIT Ministry. The bootcamp series will focus on agritech, healthtech, e-commerce, govtech, and tourism, equipping entrepreneurs with market development, financial management, and scalability skills.

INS.-

FRA to allow issuance of e-ins. policies for new vehicles: The Financial Regulatory Authority (FRA) has issued a decision to allow the issuance and distribution of standardized ins. policies for new cars electronically, the authority said in a statement. The decision will initially only apply for new vehicles only, which the authority said is down to the fact that they do not require inspections or evaluations to determine the insured car’s value or premiums.

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