HOSPITALITY-

Talaat Moustafa Group’s (TMG) Icon is setting up a USD 788 mn luxury tourism project behind the newly-inaugurated Grand Egyptian Museum, according to a disclosure (pdf) to the EGX. The 42.4-feddan project, implemented in partnership with the New Urban Communities Authority, includes a 495-key, 5-star luxury hotel, restaurants, serviced residences, and a commercial area. The project is expected to generate recurring annual net income of more than USD 82 mn for the company, in addition to c. USD 233 mn in total sales.

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EXPANSION-

Banque Misr steps foot into Djibouti: State-owned lender Banque Misr has officially inaugurated Banque Misr Djibouti, its first subsidiary in East Africa, as part of its regional expansion drive, according to a statement (pdf). The lender’s Djibouti arm aims to serve as a financial bridge between Egypt and the rest of Africa, facilitating trade, investment, and development finance.

ENERGY-

NBE tees up financing for Egypt-Israel gas link: State-owned lender the National Bank of Egypt (NBE) is reportedly arranging a USD 300 mn loan for East Mediterranean Gas Company (EMG) to help finance what Asharq Business reports is a new Egypt-Israel gas pipeline running through Sinai. The funds will start flowing once construction work kicks off on the Egyptian end of the pipeline, which is expected before year-end. NBE declined to comment on the story when we reached out.

The project likely refers to the planned Nitzana pipeline, which is a key onshore connector between the two countries and the main missing technical link needed for Egypt to double gas imports under the USD 35 bn supply agreement it signed with Israel in August. Earlier this week, Israel put the agreement on hold “until [its] interests are secured and a fair domestic price is agreed.”

CAPITAL MARKETS-

BlackRock-linked fund nabs minority stake in Fawry: An investment fund affiliated with BlackRock acquired a 1.8% stake in Fawry in a EGP 876 mn transaction on the EGX, a source close to the matter told EnterpriseAM. The transaction adds to signs of renewed US investor interest in Egypt’s fintech scene, following Amazon’s recent stake in Valu.

Fawry’s numbers do the talking: Fawry’s bottomline doubled y-o-y to EGP 1.3 bn in 1H 2025, its topline was up 63.8% y-o-y to EGP 3.8 bn, while its loan portfolio grew 121% to EGP 3.9 bn. The fintech said it plans to expand its neobanking, BNPL and Shariah-compliant offerings, along with leveraging AI for credit scoring, and fraud detection.

Market Reax: Fawry’s stock shed 1% to EGP 14.3 at yesterday’s close.

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