FINANCIAL SERVICES-

Aspire Capital (FKA Pioneers Holding) is planning to launch five new investment funds over the next two years with a total value of EGP 3 bn, Asharq Business reports, citing the company’s Managing Director for Investment Abdel Moneim Omran. Aspire submitted license applications to the Financial Regulatory Authority to begin issuing the funds. The company aims to roll out two funds by year-end — a money market fund and a gold investment fund. Three additional funds, including a real estate fund, an FCY liquidity fund, and an equity fund, are expected in 2026.

Aspire isn’t the only one trying to capitalize on the interest in gold funds, with local fintech startup Bokra Holding also looking to roll out an EGP 50-100 mn gold investment fund by 3Q, backed by shariah-compliant debt instruments. By the end of April, total investments in the only three gold funds in the domestic market reached EGP 2.1 bn. These include the AZ-Gold fund, Al Ahly Financial Investments Management’s Dahab fund, and Beltone Holding’s Sabaek fund.

EXPANSION-

Local energy players are eyeing the Iraqi market: State-owned Modern Gas and Petromaint are in talks with the Iraqi Oil Ministry over helping connect natural gas networks to power plants and brick and cement factories, according to an Oil Ministry statement. The talks, which took place on the sidelines of the Iraq Oil and Gas Technology Exhibition (Oigatech), also touched on the possibility of the Egyptian companies supplying gas to residential areas and hotels in Iraq.

MANUFACTURING-

#1- Gov’t to establish industrial complex for bridge, tunnel components: The government is in talks with local contractor Samco Egypt and German steel manufacturer Maurer to develop an integrated industrial complex to locally manufacture components for bridges and tunnels, according to an Industry Ministry statement. A joint technical committee will be formed to draft a roadmap and a timeline for the project’s implementation.

#2- Korean investment in Egypt’s textile industry? South Korean textile manufacturer GlobalSAE-A Group is looking into potential investments in the local textiles sector, company representatives said during a meeting with Public Enterprises Minister Mohamed El Shimi.

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