Foreign reserves still on an upward trend

Egypt’s net foreign reserves reached USD 51.5 bn at the end of December, surging over USD 1.2 bn from November, according to central bank data (pdf). The jump was driven by a USD 914 mn increase in the value of our gold reserves and another USD 327 increase in foreign currency holdings, which offset a USD 5 mn slip in Special Drawing Rights.

Turkey’s AS Tekstil to set up textile accessories plant in Qantara

Turkish label manufacturer AS Tekstil signed a USD 4.1 mn contract yesterday to establish a production facility in the SCZone’s Qantara West Industrial Zone, according to a statement. The 3k-sqm factory will produce 60 mn garment labels and textile accessories annually and is expected to create 300 direct jobs once fully operational.

Matouk Bassiouny & Hennawy edges closer to launching full operations in Saudi

Cairo-headquartered regional law firm Matouk Bassiouny & Hennawy acquired a 75% stake in a Saudi firm as it gears up to launch full operations in the kingdom this year, Founding Partner Omar Bassiouny told Al Borsa in an interview. This marks the firm’s second major GCC expansion following its entry into the UAE, effectively linking the three biggest markets in the MENA region. MBH first signaled it was looking at the Gulf back in 2023.

FRA goes paperless

The Financial Regulatory Authority (FRA) launched a one-month pilot for the first unified digital payment network for the non-banking financial sector (NBFS), according to a statement (pdf). Developed with EGX-listed fintech player e-Finance, the platform replaces paper-based settlements with a single electronic interface for all regulatory dues and service fees. Regulated companies can now settle financial obligations and track records in real-time, moving the sector away from manual, delayed filings.

What this means: The NBFS sector is getting too big to manage on paper. Players in the industry provided financing worth more than EGP 1 tn in the first 10 months of 2025 for the first time, recording EGP 1.1 tn.

Midar, Sporting for Investment to set up EGP 3 bn new social and sports club

Midar Investment and Urban Development has partnered with Alexandria Sporting Club’s Sporting for Investment and Sports Facilities to develop the first social and sports club in Mostakbal City, with investments exceeding EGP 3 bn, according to a press release (pdf). Construction work on the 42-feddan project will take place over three phases, with the first phase slated to open in 1H 2027.

The strategy: Midar — the master developer of Mostakbal City and Mada — is moving to institutionalize the service offerings across its 46 mn sqm land bank. With a target population of 1 mn residents across its projects, the club is a play to drive value for its existing residential plots while building out a portfolio of recurring-revenue service assets. “The project is a strategic step to develop the sports and social infrastructure in Mostakbal City,” Midar MD and CEO Ayman El Koussy said.

Tags: