HOSPITALITY-

#1- French hospitality group Accor plans to operate 22 new hotels in Egypt by 2030, Chief Development Officer for the Middle East, Africa, and Turkey Maya Ziadeh told CNN Business Arabic. The move would add 7k hotel rooms in Egypt — scattered across several areas, including the new capital, Greater Cairo, the North Coast, and Alexandria — and introduce five new hotel brands to the country.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

#2- UAE-based Gewan Hotels wants to expand its footprint in Egypt to manage 11 hotels by year end, up from six currently, CEO Ahmed Hassib told Asharq Business. Egypt is set to contribute around 30% of Gewan’s total revenues by 2028 under the company’s long-term plan, Hassib added.

Part of a wider regional push: The company plans to manage nine hotels across Egypt, Jordan, and Saudi Arabia before the end of 2025, bringing its total portfolio in those markets to 16 properties as part of its strategy to manage 40 hotels across the Middle East by 2030, he said.

DEBT WATCH-

Afreximbank approved a USD 150 mn loan for Canal Sugar, Al Shorouk reports, citing unnamed sources. The loan for the subsidiary of the UAE’s Jamal Al Ghurair Group will be used to finance the purchase of new production lines for the company's sugar factory in Minya and to increase the company's beet productivity to 36k tons per day by next year, up from 11k tons currently.

Tags: