Serenity commits EGP 5 bn to professionalize the Egyptian afterlife

Serenity for Investment and Real Estate Management broke ground on its first project, Serene, a 58-feddan memorial garden project in the New Capital, according to a statement (pdf) from the company. With an estimated phase-one investment of EGP 5 bn, the project marks the debut of Egypt’s first developer specialized exclusively in the burial sector, Chairman Shamel Aboul Fadl tells EnterpriseAM.

At present, visiting loved ones for many Egyptians is “daunting and such a difficult experience to live through,” Aboul Fadl said, pointing to the often unkept, unsecured, and littered state of many cemeteries today. “It was always in the back of my mind: why do we have to live through that experience instead of celebrating loved ones?”

Serenity is looking to fix this by redefining “the concept of cemeteries in Egypt through a well-organized, dignified, and contemporary framework” and a primary focus on visitation, according to the statement. The in-the-works memorial ground will include landscaped green spaces, round-the-clock security, designated parking, a mosque, and an administrative unit to run the site and facilitate visits.

What’s next? The planned phase one launch in 1Q 2026 will just be the beginning, with the pilot project marking the “start of redefining the space,” Aboul Fadl tells us. While Egypt is Serenity’s main focus today — and burial customs vary across the region — the company could potentially eye regional expansion in the future, “as there’s always room for improvement,” he added.

Planned shutdown and margins drop weigh on Qalaa Holdings’ top line in 2Q 2025

Qalaa Holdings’ revenue fell 34% y-o-y to EGP 25.1 bn in 2Q 2025, according to the company’s latest earnings release (pdf). Meanwhile, the company’s bottom line showed a net loss of EGP 1.2 bn for the quarter, narrowing from the EGP 1.4 bn loss recorded in 2Q 2024.

Driving the fall in the company’s top line was a drop in its subsidiary Egyptian Refining Company’s (ERC) USD-denominated revenues, which fell 42% y-o-y to EGP 20.0 bn, caused by “a 32-day pre-planned production shutdown for maintenance, as well as the decline in refining margins.”

When excluding ERC’s revenues, Qalaa’s top line grew 48% y-o-y to EGP 5.1 bn during the quarter, as the rest of its portfolio companies saw “solid growth.”

EBank completes EGP 3.8 bn tourism asset divestment

EBank finalized a EGP 3.8 bn sale of tourism holdings, with proceeds received in full, according to an EGX disclosure (pdf). The divestment was executed through its subsidiaries Egypt Capital Holding and El Masry Real Estate Investments, which exited their entire stakes in Egyptian Tourism Development and Tourism Investments in Sahl Hasheesh.

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