National Company for Asset Management converts debt into equity to clear main market capital floor

A state-owned company parked on the EGX’s SME market is converting shareholder debt into equity to clear the main market’s capital floor. The National Company for Asset Management and Investment will call an extraordinary general meeting to nearly double its capital to EGP 105 mn, up from EGP 55 mn, according to a bourse disclosure (pdf). The company will issue 10 mn new shares at EGP 5 apiece, with the full amount settled against credit balances owed to existing shareholders.

IN CONTEXT- The National Company for Asset Management and Investment would be joining a small but growing queue. Future Care (formerly International Company for Medical Industries) began trading on the main board last week after 14 years on the SME market, nearly doubling capital to EGP 115.2 mn from EGP 57.7 mn to clear the same EGP 100 mn minimum — a move that opens a stock to index and institutional mandates that don’t reach the SME board. It was the year’s second SME-to-main transfer, after non-bank lender Tawasoa for Factoring in June.

AAIB’s 1H earnings rise

Arab African International Bank (AAIB) reported a 27% y-o-y increase in net income to USD 202.8 mn in 1H 2026, marking its highest first-half bottom line in the past five years, according to the bank’s earnings release (pdf). Net banking income rose 15% y-o-y to USD 398.4 mn, supported by an 18% increase in net interest income to USD 346.2 mn. Net interest margin widened to 4.2%, while annualized return on average equity rose to 13.5% from 11.5% a year earlier. The bank also improved its cost-to-income ratio to 26.6% from 27.6%.

3C codes a path to Saudi

Homegrown education platform 3C Coding School raised USD 3 mn in a seed round. MRG Economic Group led the equity round, with participation from businessman Amr Saad and a group of angel investors. The edtech plans to put the proceeds toward entering the Saudi market and accelerating the development of an AI-powered learning platform.

IN CONTEXT- Saudi Arabia has become a familiar expansion destination for Egyptian edtech. Fellow kids-coding platform iSchool raised USD 4.5 mn before pushing further across the GCC, and we’ve looked more broadly at why Egyptian edtech companies increasingly see the Gulf — and Saudi in particular — as their next growth market.

Gulf money eyes the Corniche

Gulf money is circling Cairo’s Nile front. The Housing Ministry is weighing bids from Gulf investors to build residential, office, and hotel projects in the Maspero Triangle and along the Corniche, a government source tells us. The steer is toward equity partnerships that leave the state holding a stake rather than selling the land outright — though there are no names, figures, or timelines attached yet.

There’s a parallel track — the government plans to open 22 Corniche investment prospects to the private sector, some on plots now held by state bodies, with the rollout expected before year-end.

More on our radar:

• Spanish steel and aluminum processor Gonvarri Industries is exploring investment prospects in Egypt across automotive components, renewable energy, and metal structures following talks with Prime Minister Mostafa Madbouly. (Statement)
• Egypt and Italy are reviving diplomatic ties, with their joint higher committee convening in Cairo today for the first time in a decade. The meeting is running alongside a relaunch of the Egypt-Italy Joint Business Forum, which brings together companies and trade and investment institutions from both sides for business-to-business meetings.
• Telecom Egypt and Greek subsea specialist Power Sub Link (PSL) are partnering to build a c. 200 km submarine cable between Sharm El Sheikh and Taba, with a design capacity of around 5 petabits and commercial operations targeted for 4Q 2027. The cable will extend Telecom Egypt’s Red Sea Festoon network and plug into its trans-Egypt internet corridor. (Statement)
• Mountain View and Palm Hills are among six consortiums shortlisted to bid for Kuwait’s over 2 mn-sqm Almitlae City M-3 development. Mountain View is bidding alongside Kuwaiti partners Injazzat and First Group, while Palm Hills is partnering with Kuwait’s National Real Estate Company for the 2.4k-unit project. (Hapi)