PAYMENT SERVICES-

Global payment services giant Visa plans to expand its operations in Cairo on the back of the country’s competitive advantages in operational costs, efficiency, and technical infrastructure, company representatives said during a meeting with Investment Minister Hassan El Khatib. Visa aims to develop new government payments and e-commerce solutions in the country, the statement noted. The company has already quadrupled its workforce at its Cairo office to around 120 employees and views Egypt as one of its “core markets” for its global strategy, alongside Japan, Germany, Brazil, Mexico, Saudi Arabia, and South Africa.

Editor's note: The story has been amended on 22 October 2025, to clarify that Visa will not relocate its digital sales center from Dubai to Cairo, based on the Investment Ministry's revised statement.

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CAPITAL MARKETS-

Post for Investment subsidiary PFI Asset Management launched its first sponsored mutual fund — the PFI Money Market Fund, aka PFI Cashi — it said in a statement (pdf). The fund joins three others managed by the company, including HDBank’s Mawared fund and two for GIG Ins. Egypt.

What they said: “This launch affirms PFI Asset Management’s commitment to expanding its footprint in Egyptian asset management and delivering innovative investment solutions to its clients,” said CEO Ghada Alkady.

HOSPITALITY-

Orascom Development Egypt plans to gradually reopen five hotels in Taba that had been closed during the Gaza war, Investor Relations Group Head Ahmed Abou El Ella told Asharq Business.

MINING-

Egypt’s Afaq Mining made a commercial gold discovery in West Gabal Elba with reserves worth over USD 800 mn at current prices, Asharq Business reports, citing two unnamed sources. Initial reserves are estimated at 200k ounces.

The company will submit a commercial exploration study to the Egyptian Mineral Resources Authority this week ahead of forming a joint venture with Shalateen Mineral Resource Company to start work on the find. Afaq has funneled over USD 20 mn into exploration efforts and plans to increase spending while also holding talks with the government to build a USD 50 mn gold production plant.

REAL ESTATE-

Real estate developer Palm Hills Developments is looking to acquire new plots along the Red Sea coast, Group CEO Yasseen Mansour told Asharq Business. The announcement follows a government push to catalogue plots suitable for investments along the coastal strip ahead of marketing them to investors.

DIPLOMACY-

Foreign Minister Badr Abdelatty held calls with his Italian, Spanish, German and Canadian counterparts to discuss ongoing preparations ahead of the International Conference on Early Recovery, Reconstruction, and Development in Gaza set to be held in Cairo in the second half of November. Abdelatty stressed the “urgent need” to begin implementing early recovery and reconstruction plans for the strip, while his counterparts reaffirmed their readiness to maintain close coordination with Cairo on Gaza’s recovery and reconstruction efforts.

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