Egypt Edition 
UAE Edition 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share
TRANSPORT-
Newly-launched Rehla Rides secured its operating license to start offering ride-hailing services through its app Arrw, according to a Transport Ministry statement. The firm will invest EGP 400 mn in the first year of operation. It aims to have 425k active users and employ 10k drivers by the end of the second year of operation, as well as expand its current fleet of 600 cars to 100k within the coming three years.
The company will kick off operations with a three-month trial period in Alexandria and the North Coast before expanding operations to encompass Cairo, the Delta region, Upper Egypt, and other tourist hotspots in the following 18 months.
Want to give it a go? Download Arrw — Rehla’s integrated transport services application — from the App Store or Google Play.
CAPITAL MARKETS-
Four companies have applied to receive licenses to establish real estate investment funds (REIFs), which are now expected to go live in 3Q 2025, Financial Regulatory Authority (FRA) head Mohamed Farid told Asharq Business. The regulator has “simplified procedures” for issuing real estate fund licenses to speed up their launch, he said.
The groundwork for REIFs has already been laid, with Azimut and MNT-Halan receiving thegreenlight earlier this year to set up a EGP 250 mn REIF, with plans to expand it to EGP 2 bn over two years. Similarly, Misr Real Estate Assets Management CEO Maha Abdel Razek told EnterpriseAM in February that the company is preparing to launch its first real estate fund soon. Meanwhile, the FRA and Finance Ministry have been weighing amendments to REIF regulations that could make the funds more attractive — including scrapping the 22.5% capital gains tax on property sold to REIFs and loosening a rule requiring funds to invest at least 80% of their portfolios in real estate assets or shares in real estate companies.
EXPANSION-
Egyptian fintech Nowpay launched a KSA-based payroll administration company Now Access with Saudi’s United International Holding Company — owner and operator of the Tas’heel brand name — according to a disclosure to the Tadawul. United inked an MoU with Nowpay in January to form the company with a total planned investment of SAR 75 mn, which the Saudi partner player has a majority stake in under a three-to-one split.
