LOGISTICS

Suez Canal reduces transit costs: The Suez Canal Authority has introduced a 15% reduction on transit fees for container vessels with a net load over 130k tonnes for 90 days — effective from tomorrow, according to a statement. The move comes “in response to requests from the SCA’s clientele of container ships owners and operators, and to encourage major shipping lines to return to transiting through the Suez Canal once more; especially in light of the conducive security conditions in the Red Sea region.”

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Revenues tumbled: Transit receipts from the Suez Canal dropped 62.3% y-o-y to USD 1.8 bn in 1H FY 2024-25 on the back of Red Sea disruptions that pushed ships to reroute away from the canal.

REMEMBER- Authority head Osama Rabie earlier this week urged global shipping lines to reassess their routes and consider a gradual return to the canal amid improving security conditions in the region.

PHARMA-

Eva Pharma to bring Saudi drug factories online next year: Local drugmaker Eva Pharma plans to kick off operations at five new factories in Saudi Arabia by the end of 2026, with trial operations set to begin in 4Q 2025, Regional Head Amgad Talaat told Asharq Business. The company is targeting a 4.5% market share in the Saudi pharma market by 2030 and aims to cover 6% of the Kingdom’s annual drug imports.

New partnerships in the pipeline: Eva Pharma is eyeing partnerships with three Saudi entities including the National Unified Procurement Company (Nupco), the Local Content and Government Procurement Authority, and the Expenditure and Projects Efficiency Authority to localize drug production in the kingdom.

REMEMBER-Eva Pharma inked an agreement with the Saudi Authority for Industrial Cities and Technology Zones (Modon) to build an SAR 500 mn industrial complex for pharma research and manufacturing in the Saudi Sudair Industrial City back in 2023.

HOSPITALITY-

Travco’s subsidiary Jaz Hotel Group plans to open three new five-star hotels in Zanzibar, Tanzania this year, CEO and Chairman Alaa Akel told Al Borsa. The new hotels will add a combined 730 rooms to Jaz’s international portfolio, according to Akel, as the group aims to add 70 hotels and 20k rooms to its portfolio by year-end.

ICYMI- Jaz Hotel Group is slated to open four hotels in Egypt this month, with a combined investment of USD 162 mn. The new properties will be located in Greater Cairo, Hurghada, and Marsa Matrouh, and will add 1.6k rooms to Jaz’s portfolio.

TOURISM-

Banque Misr plans to set up a EGP 5 bn fund to invest in tourism assets before the end of 2025, a bank official told Asharq Business. The fund will invest in tourism assets and acquire stakes in companies operating in the sector. The state-owned lender reportedly intends to submit the required documents to the Financial Regulatory Authority within the next three months.

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