HOSPITALITY

Baron Hotels and Resorts to pump EGP 3 bn into expansion plans through 2026: Egyptian hotelier Baron Hotels and Resorts is investing more than EGP 3 bn in self-financed projects to add 2k rooms in Hurghada and Sharm El Sheikh, plus 150 luxury suites in Zanzibar, over the next two years, Chairman Sherif Shahein told EnterpriseAM on the sidelines of the company’s annual meeting. The expansion will boost Baron’s total capacity to 3.6k rooms and suites across Egypt and abroad.

Baron is rolling out five new hotels in Egypt: Two hotels with 950 rooms will launch by 2026, followed by another with 750 rooms. The group also plans to open a Sharm El Sheikh hotel by late 2025 and is exploring a second Cairo hotel.

Zanzibar marks Baron’s first international foray: The group is heading to Tanzania in 2025 with its first hotel outside Egypt that will house 150 suites. The expansion is part of a strategy to strengthen tourism ties between the two countries and attract a more diverse international clientele.

EDUCATION-

Our friends at EFG Hermes advised Maarif Education on its takeover of Ibn KhaldounEducation, a transaction set to make Maarif the largest K-12 school provider in Saudi Arabia by revenue and geographic reach, according to a press release (pdf). The investment bank acted as the sole financial advisor on the transaction. While the transaction’s value wasn’t disclosed, EFG said this is one of the biggest investments in KSA’s domestic education sector.

The details: The acquisition includes eight Riyadh-based campuses catering to 13k students, pushing Maarif’s total enrollments to over 36k nationwide.

ICYMI: EFG Hermes launched a USD 300 mn fund last month to build an “institutional, world-class K-12 operator” in the Kingdom. The Saudi Education Fund has already secured USD 150 mn from Gulf-based institutional investors and family offices to fuel its private education push in the Kingdom, setting its sights on four additional school acquisitions beyond the seven Britus schools it bought from GFH Financial Group.

We sat with EFG Hermes Co-CEO Karim Moussa to learn more about the Saudi Education Fund and the firm’s Saudi expansion plan in a recent edition of Blackboard. Check out the interview here.

INVESTMENT-

#1- FRA studying EGP 3 bn investment fund: Compass Capital and CI Capital are awaiting the go-ahead from the Financial Regulatory Authority (FRA) to launch the C3 Capital Fund, targeting EGP 3 bn with an initial close of EGP 2 bn expected by year-end.

The details: The fund will invest in stakes of 10-33% in EGX-listed companies, enabling board representation and a focus on short- to medium-term growth strategies. The fund has received preliminary commitments from key financial institutions, including Banque Misr, CIB, Suez Canal Bank, Misr Life Ins., and Midbank.

Correction: The original version of this story based on a local media report stated that the FRA had already approved launching the fund. A CI Capital representative got in touch with EnterpriseAM to clarify that the new fund “is currently under study and has not yet received FRA approval.”

#2- Green Coast eyes USD 50 mn in investments in Egypt over next three years: Dubai-based Green Coast Enterprises is planning to put some USD 50 mn in new investments into the Egyptian market in the coming three years, with a focus on renewables and infrastructure, Managing Director Mohammed Abdulghaffar Hussain told Asharq Business. The company is currently investing USD 10 mn in pipe producer EGFCO, a JV between the Swiss GF Piping Systems and Green Coast’s investment arm Corys Investments.

#3- Saudi VC firm Edafa Venture Capital is looking to invest some USD 30 mn in Egypt over the coming three years, with USD 13 mn allocated for 2025, Asharq Business reports, citing Edafa CEO Essam Ali. The VC firm aims to acquire 13 companies by the end of the year and has no plans to exit any existing investments.

#4- Orascom Pyramids Entertainment to invest a further EGP 500 mn in the Pyramids Plateau: Orascom Pyramids Entertainment — a subsidiary of Orascom Investment Holding — plans to inject EGP 500 mn in the coming months to complete its overhaul of the Pyramids Plateau, Chairman Amr Gazarin told CNBC Arabia (watch, runtime: 2:38). This will bring total investment in the project to EGP 1.5 bn by February 2025.

FINANCIAL SERVICES-

Bank NXT teams up with Mindgate Solutions for a digital banking platform: EFG Holding’s commercial bank Bank NXT has partnered with global payment solutions firm Mindgate Solutions to launch a new digital platform for corporate clients, according to a press release (pdf). The platform will allow businesses to manage transfers, payments, payroll, corporate card requests, and check handling via online and mobile banking.

What they said: “By integrating Mindgate’s advanced digital technologies with our banking expertise, we will offer a platform to enhance the efficiency and security of financial operations for businesses across Egypt with seamless internet and mobile banking experiences,” said Bank NXT Managing Director and CEO Tamer Seif.

TRADE-

Egypt has reopened fish exports to the EU after a three-year freeze, following the National Food Safety Authority’s (NFSA) overhaul of its monitoring system across the supply chain, a statement from authority reads. The NFSA addressed all recommendations from a prior European Commission report, achieving full compliance by June 2023. A follow-up EU audit in mid-2024 gave the green light, confirming Egypt’s readiness to re-enter the bloc’s markets.

** Want to know more? We took a look at the fishing industry in Egypt and what fishermen are doing to boost their sustainability and food safety to reopen EU exports for a Going Green earlier this year. You can check out the story here.

TOURISM-

Partial exemption on late fines for tourism projects: The government will provide a partial exemption on fines for late payments for tourism companies whose project implementation rate reached 85% or more, following approval from the Tourism Development Authority’s board, according to a statement by the Housing Ministry.

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