HOSPITALITY-

Abu Dhabi Tourism Investment Company begins working on USD 120 mn pyramids hotel: AbuDhabi Tourism Investment Company (ADTIC), the Abu Dhabi Fund for Development’s majority-owned, Egypt-focused firm, officially broke ground on its 302-room Sofitel Legend Pyramids hotel project, CEO Yahya Qutb told Asharq Business. Qutb put the investment ticket at USD 120 mn — a good USD 40 mn more than what he told local outlets when he announced a USD 170 mn plan to develop three hotels.

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REGULATION-

FRA launches first-of-its-kind online legislative information page for NBFIs: The Financial Regulatory Authority (FRA) launched a section on its website compiling all legislative and regulatory frameworks regarding the non-banking financial sector, according to an authority statement. The move aims to simplify access to information about laws and regulations and is part of the authority’s efforts to create a more business-friendly environment, according to the authority’s head Mohamed Farid.

TRADE-

South Korea backs new digital import tracking system: The Korea International Cooperation Agency is backing the rollout of a digital oversight and tracking system for imported industrial and non-food consumer goods under a EGP 600 mn grant from the South Korean government, according to a statement. Launched with the General Organization for Export and Import Control, the project seeks to tighten import oversight and crackdown on substandard goods, with the Korean input supplying equipment, software, and digital infrastructure for the rollout — set to run from June 2025 through 2029.

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