TMG and PIF-owned Sela form an entertainment joint venture in Egypt

Talaat Moustafa Group (TMG) is setting up an entertainment and event organizing venture with Saudi PIF-owned entertainment firm Sela, under a partnership agreement inked last week, according to a company statement.

How it works: Under the agreement, Sela will manage, develop, and operate live experiences, festivals, and concerts across TMG’s properties in Egypt. The venture’s first project is The Corridor — a synchronized series of cultural and sporting events across Egypt and Saudi Arabia, including major global events planned for Egypt’s North Coast next year.

Bridging the Red Sea

Egypt and Eritrea signed a maritime transport cooperation agreement last week, during an official visit to Asmara by Foreign Minister Badr Abdelatty and Transport Minister Kamel El Wazir, according to a statement from the Transport Ministry.

Why it matters: The pact gives Egyptian shipping and logistics firms the legal and operational framework to integrate directly into Eritrea’s maritime networks, securing a forward position near the southern approaches to the Suez Canal. It follows the country’s foothold in Djibouti’s maritime infrastructure secured in December, where state-owned and private firms signed agreements to develop a multi-purpose terminal and logistics hub near Doraleh Port — a regional rollout that may also include Eritrea’s Assab port.

More on our radar:

• EgyptAir officially launched its first direct route between Cairo and Los Angeles, an expansion designed to meet West Coast transit demand, bolster trade, and boost tourism. (Statement)