Mostakbal Misr heads to the coast with a Red Sea tourism and hotel push

The Future of Egypt for Sustainable Development Authority (Mostakbal Misr) is expanding into hotel investment and tourism development on the Red Sea, drawing on its own land bank alongside plots clawed back from stalled projects that had barely broken ground, a government official tells EnterpriseAM. The land will go to investors under a protocol the authority signed with the Tourism Development Authority (TDA) in early August, the official says, with hotel investment, marina development, and infrastructure upgrades in Marsa Alam and Hurghada among the prospects on offer.

The timing tracks demand. The government targets 500k hotel rooms nationally, up from around 280k, to meet an expected 20% jump in Red Sea winter traffic as regional tensions divert tourists toward Egypt. The Housing Ministry is already working on draft rules to allocate TDA’s 18.5 bn sqm of land to investors.

REMEMBER- Mostakbal Misr is fresh off a reorganization. The House passed a law in July moving the authority from the Defense Ministry to direct presidential oversight and setting up two funds: sovereign wealth vehicle Nile Pyramids and service fund Da’em. Lawmakers narrowed the government’s original draft along the way, capping the authority’s real estate reach to land it owns — which is why this tourism push leans on its own plots and parcels reclaimed from stalled projects.

Housekeeping before the big move

Heibco for Commercial Investments and Real Estate Development is tapping its shareholders for EGP 36 mn to raise its capital by 50% ahead of a planned move to the EGX’s main market and expansion into Saudi Arabia, the company said in a bourse filing (pdf). Heibco will issue 36 mn new shares at a par value of EGP 1 each plus EGP 0.025 in issuance costs, taking its total capital to EGP 108 mn. Proceeds from the capital hike will go toward settling EGP 20 mn in obligations and credit facilities with Banque du Caire and buying EGP 16 mn of piling equipment.

Korra Energi rights up

Korra Energi’s shareholders signed off on EGP 405 mn rights, lifting issued and paid-in capital to EGP 855 mn from EGP 450 mn, the company said in an EGX disclosure (pdf). This offers existing shareholders new shares at EGP 0.90 each plus EGP 0.005 in issuance costs against a par value of EGP 0.2. The shares will trade with rights detachable from the original share, taking Korra’s share count to 4.28 bn post increase. Shareholders also raised authorized capital to EGP 4.25 bn from EGP 2.25 bn.

Kuwaiti seller cuts Remas stake

A Kuwaiti shareholder may be heading for the exit at Ceramica Remas: Kuwait Real Estate Investment Group cut its stake in EGX-listed Ceramica Remas to 14.96%, selling some 65.5 mn shares in the company for EGP 97.5 mn at an average of roughly EGP 1.5 apiece, according to a bourse disclosure (pdf). The group sold an earlier 4.5 mn-share block last Thursday at EGP 1.7, according to a separate filing (pdf) — around 15% above Monday’s price, by our math. EFG Hermes’ brokerage arm executed both transactions.

IN CONTEXT- Remas booked a 1H 2026 net income of c. EGP 5.9 mn against EGP 15.3 mn a year earlier, even as net sales edged up to EGP 1.11 bn from EGP 1.07 bn, according to the company’s audit committee minutes (pdf).

Nearing the finish line

Digital investment platform Bokra Holding’s USD 8 mn funding round is almost fully covered and should close before the end of 3Q, with participation from Egyptian and international investors, Al Arabiya reports, citing CEO Ayman Elsawy (watch, runtime: 04:49). The round follows Bokra’s USD 4.6 mn pre-seed round, led by Egypt’s DisrupTech Ventures and joined by SS Capital, which closed in April 2024. The company has since grown to 18 regulatory licenses, 250k customers, and 50k active investors across its savings and sukuk products — the latter currently yielding 20-21%, Elsawy said. The new capital will fund local and African expansion, though the company is still studying which markets to enter, he added.

What’s next for Bokra: The company is working through c. EGP 12 bn in sukuk issuances — an EGP 5 bn tranche nearing final approval and a second EGP 7 bn issuance targeted before year-end — alongside an EGP 2-3 bn real estate fund targeting governorate assets outside Cairo and medical and logistics funds worth around USD 10 mn combined, built on VC and private equity licenses secured earlier this year, Elsawy said. The funds track the pipeline Elsawy flagged to us in April, which included Health Tech Care Fund, Aqar Fund for Underurbanized Areas, and Manufacturing Fund Egypt.

More muscle at Sokhna

Ain Sokhna Port’s new general cargo and dry-bulk terminal has started trial operations, according to a Transport Ministry statement. The terminal has a targeted annual capacity of about 10 mn tons. Its first phase spans around 397k sqm and includes two berths totaling 1.2 km with depths of up to 18 meters, which qualify them to handle large-capacity vessels. Trial operations will test the terminal’s berths, yards, equipment, workforce, and operating systems before the gradual move to full operations, with later phases set to add customs warehouses and value-added logistics services.

IN CONTEXT- Ain Sokhna’s role as a Gulf-facing transit gateway is getting bigger. Egypt eased Advanced Cargo Information requirements for Gulf transit cargo last March, covering shipments routed through Ain Sokhna, Nuweiba, and Safaga on their way to and from GCC markets. The port’s logistics footprint has also been expanding, with DP World launching an integrated distribution hub in July whose first customers are using it to serve Saudi Arabia and other GCC markets.

More on our radar:

• Consumer finance companies will have to add behavioral scoring to their credit checks from 1 April 2027. Once I-Score’s system is ready, firms will be required to digitally verify applicants, pull an I-Score assessment based on alternative data, and factor the result into their decision on whether to extend financing. (FRA statement)
• GB Corp’s board greenlit USD 2.33 mn in funding already advanced to its Tanzania unit as a loan carrying 7% fixed interest and maturing 31 December 2026. (EGX disclosure, pdf)