Alkan Holding to invest EGP 11 bn in Citadel Plaza hospitality expansion

Alkan Holding will invest EGP 11 bn in three hotels and tourism facilities in the Citadel area by 2029, Chairman Khaled Nosseir tells EnterpriseAM. The real estate arm of the local conglomerate is injecting fresh capital into its flagship 60k sqm Citadel Plaza development, bringing the project’s total investment value to EGP 15 bn.

About the Citadel Plaza: The mixed-use tourism and commercial hub will come in stages, with the first phase slated for completion in Q4 2027 and the rest expected to come online by Q4 2029. To sustain foot traffic and integrate local businesses, the project will also feature Darb El Fenoun, a cultural and commercial platform featuring local artisans.

The masterplan for Historic Cairo: To capitalize on growing tourist demand, the government spent years — and around EGP 60 bn — upgrading infrastructure and repairing buildings across Historic Cairo before 2023. Now with the renovation phase complete, the government is offering up heritage sites for Public-Private Partnerships to build boutique hotels and commercial ventures.

Eyes on the prize

Alameda Healthcare is reportedly mulling the acquisition of a 51% stake in International Eye Hospital (IEH) from Lebanon-based Euro Mena II private equity fund, the Arabic press reports, citing an unnamed source. Neither the terms nor the timeline of the potential transaction were disclosed.

The timeline: Euro Mena II bought a majority stake in IEH back in 2012, and this sale has been on our radar since at least 2019, with multiple buyers reportedly circling the asset over the years, including US private equity firm TPG, Saudi Arabia’s Elaj Group — already a 15% shareholder in IEH — an unnamed UK-based fund, and most recently an unnamed strategic buyer in 2024.

Anantara is coming to Somabay

Thai hospitality giant Minor Hotels will set up Anantara Somabay Resort & Residences — the brand’s first property in the country — under an agreement inked with our friends at Somabay, according to a statement. The resort, which we flagged when the two companies signed an MoU last year, will feature 300 hotel keys and 150 branded residential units and open its doors in May 2030.

The project is one piece of Minor’s larger push into Egypt. The group formed a joint venture with Sunrise Resorts & Cruises last October, targeting up to 50 hotels across the country over the next decade — a mix of new builds and redevelopments across West Cairo, Ras El Hekma, and Ain Sokhna.

E-finance starts the year strong

Fintech giant E-finance saw its net income rise 42.3% y-o-y to roughly EGP 857 mn in 1Q 2026, according to its latest earnings release (pdf). Revenues jumped 38.8% y-o-y to around EGP 2.2 bn in the same period, fueled by broad-based growth across the group’s core business segments. Transactions were the biggest revenue contributor, with revenues coming in at EGP 881.2 mn (up 31.3% y-o-y), followed by cloud services (up 36.1%).

Elsewedy Electric sees jump in income

Elsewedy Electric’s net income after minority interest came in at EGP 4.8 bn during 1Q 2026, marking a 16.9% y-o-y increase, according to the company’s latest earnings release (pdf). Revenues surged 26.8% y-o-y during the three-month period to EGP 75.3 bn, driven by growth across all segments — infrastructure investment (up 109% y-o-y), digital solutions (up 64.8%), wire, cable, and accessories (up 25.8%), engineering and construction (up 18.7%), and electrical products (up 15.4%).

ODE’s bottom line wavers amid regional war and Ramadan slowdown

EGX-listed Orascom Development (ODE) saw its net income dip 7% y-o-y to EGP 1.8 bn in 1Q 2026, which management attributed to declining land sales in the company’s latest earnings release (pdf). Revenues remained largely unchanged at EGP 6.5 bn for the period.

Revenues by segment: The hospitality segment saw a 33% y-o-y increase in revenues, contributing EGP 1.6 bn to the top line, despite the impact of the “ongoing regional conflict and seasonal impact from Ramadan.” Revenues from commercial assets rose 24% y-o-y, reaching EGP 1.2 bn.

QNB backs GlobalCorp with EGP 3 bn facility

GlobalCorp Financial Services secured a EGP 3 bn credit facility from QNB Egypt to finance leasing contracts and mortgage lending, according to a statement from the lender.

Giza Systems is out, pulse by solutions is in

Saudi STC Group has rebranded tech consultancy firm Giza Systems to Pulse bySolutions. Solutions by STC, a subsidiary of Saudi Telecom (STC), acquired an 89.5% stake in Giza Systems in 2022.