TRADE-

Gov’t exempts pharma factories from export approvals: The government has exempted pharma companies operating in freezones from obtaining export approvals from the Egyptian Drug Authority (EDA) to help reduce investment barriers, according to a statement seen by EnterpriseAM. The Trade Ministry’s Trade Agreements Sector also confirmed that all medical products manufactured by production facilities in freezones do not require export approval from the EDA.

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CAPITAL MARKETS-

NI Capital launches Egypt’s first EGX70-tracking fund: National Investment Bank’s investment arm NI Capital has launched the country’s first investment fund replicating the performance of the EGX70 — dubbed Sahmy 70, according to a statement (pdf). The fund offers daily subscriptions and redemptions, providing high liquidity for investors.

What they said: “We are pleased to launch ‘Sahmy 70’ as the first fund in the Egyptian market that mirrors the performance of the EGX70 index, which tracks medium-sized companies listed on the stock exchange. This issuance reflects our belief in the importance of offering innovative financial tools that meet investors’ needs and provide them with the opportunity to invest in the mid-cap segment; a sector that has historically delivered higher average returns than large-cap companies, and one in which we continue to see significant growth potential,” CEO and Managing Director Mohamed Metwally said.

HOSPITALITY-

Emirati hotel management firm Gewan plans to operate 20 hotels in Egypt by 2028, including five properties owned by the National Service Projects Organization (NSPO) under 10-year contracts, CEO Ahmed Hassib told Asharq Business. Gewan currently manages four NSPO hotels in Alamein and will take over a fifth in Nasr City. Egypt could contribute 30% of Gewan’s revenues by 2028, Haseeb said.

In the pipeline: The company signed agreements for a 240-room hotel in New Cairo — set for completion in August 2026 — and an 800-room hotel in Hurghada, with completion set for 4Q 2026. Gewan is also eyeing Sharm El Sheikh and Marsa Alam, Hassib said, adding that the hotels they are eyeing could require potential renovations of up to USD 150k per room.

SMES-

A fresh round of Start IT is underway: Information Technology Industry Development Agency’s (ITIDA) Technology Innovation and Entrepreneurship Center launched the latest round of its Start IT incubator, it said in a statement (pdf). The incubator offers early-stage startups financial and in-kind support of up to EGP 480k and USD 10k in cloud support from Amazon Web Services. The application door closed yesterday.

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