HOSPITALITY-

#1- The government plans to establish a USD 80 mn international tourist port in New Alamein, which will accommodate luxury yachts and cruise ships, Asharq Business reports, citing three government officials. The 180k sqm project will be implemented in phases and operated by the private sector, which will also fund the project’s superstructure. The government’s contribution will be limited to financing the infrastructure.

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IN CONTEXT- Yacht tourism is an important part of the government’s plan to increase tourist footfall — and, consequently, tourism revenue, given the average spend of those arriving by sea. The government plans to raise USD 3 bn a year from yacht tourism by the fiscal year 2028-2029, accounting for a significant chunk of its USD 24 bn target.

#2- Homegrown hotel chain Sunrise Resorts & Cruises plans to invest USD 148 mn next year to add 1.1k rooms in Marsa Alam, Makadi, and Sharm El Sheikh, Chairman Hossam El Shaer told Asharq Business. The investment plan, driven by an “accelerating growth in the sector, supported by a surge in tourist arrivals and tourism revenues,” will bring the chain’s hotel capacity to 14k hotel rooms, up from its current 13k.

REMEMBER- The move comes as part of the company’s plan to invest USD 700 mn to add 7knew hotel rooms to its Egypt portfolio over the next four years, which would bring its hotel capacity to 20k rooms by 2028. It is also looking to open 50 new hotels in Egypt under an agreement with international hospitality giant and Minor International subsidiary Minor Hotels, a move that would nearly triple its current portfolio of hotels.

FINTECH-

Fawry is planning to invest over EGP 1.6 bn each year to upgrade its tech infrastructure, develop products, and expand abroad, CEO Ashraf Sabry said at a press roundtable attended by EnterpriseAM late last week. Fawry expects its business volume to grow 50% by year-end, with earnings allocated to supporting these expansion plans.

Fawry is looking to expand its financial services offered in Egypt by obtaining licenses from the Financial Regulatory Authority for e-factoring and micro-leasing services, Sabry said. The company will also place greater focus on lending to mid-sized companies as its next growth driver, having made solid progress with SMEs, he added. In addition, the company is awaiting approval from the Central Bank of Egypt to enable inbound remittance services via the Fawry platform, Sabry said. Fawry is also currently in talks with asset managers to launch two new investment funds focused on gold and fintech, on top of the four investment funds already available on its platform, he added.

Plans to tap the Saudi market are underway: The company is looking to enter Saudi Arabia through a partnership with a local investor, starting with myFawry and Fawry Business once it receives the required licenses and regulatory approvals.

REAL ESTATE-

Real estate developer Misr Italia Properties is planning to invest EGP 8 bn next year, up from EGP 5 bn in 2025, with a sharpened focus on expanding its hospitality footprint, CEO Mohamed El Assal told Al Shorouk. The company wants to develop 2.5k hotel rooms and serviced apartments across the North Coast, the new capital, New Cairo, and Ain Sokhna as part of a seven-year, EGP 30 bn push into the hospitality sector. The developer plans to launch three new hotels in 2027.

PHARMA-

Minapharm, Bayer team up to localize drug manufacturing: Local pharma player Minapharm has signed a cooperation agreement with Germany’s Bayer Global to localize drug production and boost pharma investments in Egypt, according to a statement.

EXPANSION-

State-owned construction firm El Nasr General Contracting has secured a USD 40 mn project in Iraq’s Basra, according to a statement. The project will be executed for the Iraqi Oil Ministry’s South Refineries Company.

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