{"id":654450,"date":"2024-11-03T00:00:00","date_gmt":"2024-11-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/hospitality-players-egp-50-bn-subsidized-loan-program-goes-live-plus-news-from-accor-air-cairo-somabay\/"},"modified":"2024-11-03T00:00:00","modified_gmt":"2024-11-03T00:00:00","slug":"hospitality-players-egp-50-bn-subsidized-loan-program-goes-live-plus-news-from-accor-air-cairo-somabay","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/hospitality-players-egp-50-bn-subsidized-loan-program-goes-live-plus-news-from-accor-air-cairo-somabay\/","title":{"rendered":"Hospitality players\u2019 EGP 50 bn subsidized loan program goes live. PLUS: News from Accor, Air Cairo, Somabay"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">HOSPITALITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- The finance and tourism ministries have officially launched a new EGP 50 bn <\/strong><strong>subsidized <\/strong><strong>loan program for the tourism sector<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02h9UygLzshZYPMEoxvkT1PzNLarht4Q5Bw8dBeVLpBQi52c8xK2EUt11B4nrZJ6jTl\" style=\"\" rel=\"noopener\">joint statement<\/a>. The initiative will offer financing at 12% interest, providing tourism operators with extended support to expand facilities and accommodate an anticipated growth in visitor numbers \u2014 with a focus on key tourist destinations in Luxor, Aswan, Greater Cairo, the Red Sea, and South Sinai governorates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(<strong>Tap or click the headline above to read this story with all of the links <\/strong>to our background as well as external sources.)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher:<\/strong> The program, which was approved by the cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c9ab4a9-f406-4067-bab7-cc002137f0c8\" style=\"\" rel=\"noopener\">back in July<\/a>, will give the eligible companies access to up to EGP 1 bn in financing \u2014- rising to EGP 2 bn for related entities, over the course of one year. Funding must be accessed within 16 months, with companies receiving a six-month grace period to obtain final or temporary operating licenses. Under the program, participating companies will have to convert some 40% of their foreign currency revenue through formal banking channels. The program will run until the end of June 2026. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Cairo will be home to the world\u2019s largest Sofitel:<\/strong> French hospitality group Accor Group will open its Sofitel Cairo Downtown Nile \u2014 the largest Sofitel in the world \u2014 in January 2025, according to a <a target=\"_blank\" href=\"https:\/\/press.accor.com\/sofitel-expands-its-luxury-portfolio-with-the-signing-of-sofitel-cairo-downtown-nile\/?lang=eng\" style=\"\" rel=\"noopener\">statement<\/a>. The 615-key hotel is Accor\u2019s fourth Sofitel in Egypt and will include four dining venues, a wellness center, and some 2k sqm of venue space. The hotel will operate under a management agreement with the <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/company\/international-company-for-touristic-investments-s-a-e-owning-company-of-conrad-hotel---cairo-\" style=\"\" rel=\"noopener\">International Company for Touristic Investments<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REGULATIONS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>FRA issues new regulations for ins. firms:<\/strong> The Financial Regulatory Authority has issued a new decision that requires ins. companies to regularize their operations in line with the Unified Ins. Law by 1 December. according to an FRA <a target=\"_blank\" href=\"https:\/\/fra.gov.eg\/fra_news\/%D8%A7%D9%84%D8%B1%D9%82%D8%A7%D8%A8%D8%A9-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D8%AA%D8%B5%D8%AF%D8%B1-%D8%B6%D9%88%D8%A7%D8%A8%D8%B7-%D8%AA%D9%88%D9%81%D9%8A%D9%82-%D8%A3%D9%88%D8%B6%D8%A7\/\" style=\"\" rel=\"noopener\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: <\/strong>President Abdel Fattah El Sisi <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fce0507f-e9c4-4195-a36f-3bf45c30e82a\" style=\"\" rel=\"noopener\">ratified<\/a> the Unified Ins. Law back in July. The law aims to regulate ins. companies, special funds, obligatory operations such as highway accidents, and state the new supervisory rules for the ins. industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">LOGISTICS-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt activates oil agreement with Fujairah: <\/strong>Egypt has welcomed the first oil tanker as part of an MoU inked with the Emirate of Fujairah earlier this year, according to an <a target=\"_blank\" href=\"https:\/\/www.petroleum.gov.eg\/ar-eg\/media-center\/news\/news-pages\/Pages\/mop_01112024_01.aspx\" style=\"\" rel=\"noopener\">Oil Ministry statement<\/a> on Friday. The MoU, signed in August, outlines plans to <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/bc3b8ffd-5bbf-4fa0-88f1-22f96ebd9154\" style=\"\" rel=\"noopener\">transform Al Hamra port<\/a> on the Mediterranean coast into a USD 3 bn petroleum logistics zone. The construction of the zone is reportedly expected to kick off in 1H 2025, with an estimated completion time of three years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">LEISURE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Somabay partners with Wander Development to develop, manage, and operate a <\/strong><strong>new commercial hub<\/strong>, expected to be completed by 2025, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/33.pdf\" style=\"\" rel=\"noopener\">statement<\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/11\/33.pdf\" style=\"\" rel=\"noopener\">(pdf)<\/a>. The project will include shopping spaces, food and beverage outlets, workspace solutions, and hospitality offerings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">WATER SECURITY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>More collaboration on water security for Egypt and Uganda:<\/strong> Egypt and Uganda announced plans to collaborate on water projects aimed at benefiting all Nile Basin countries, agreeing to hold a joint political consultation session to discuss water security, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/share\/p\/18adpiYzeT\/\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">AVIATION-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Air Cairo has launched a new regular flight route linking Cairo, Aswan, and Abu <\/strong><strong>Simbel. <\/strong>Over 70 international tourists were aboard the route\u2019s inaugural flight last week, according to <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0V2VxLhb4jbwUewL4A9Q69qpunqenD8vPP6sSJue5nQ7cBbwoqUy8ncXScUNYs3sRl\" style=\"\" rel=\"noopener\">a Civil Aviation Ministry statement<\/a>. The airline increased its weekly flights between Cairo and Aswan to 26, between Aswan and Abu Simbel to nine, and between Cairo and Luxor to 20.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>That\u2019s not all:<\/strong> Air Cairo last week commenced the first of its flights from Giza\u2019s Sphinx International Airport to Sharm El Sheikh and Hurghada. The flight operator has plans to expand its international network and increase its fleet to 40 aircrafts by March 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The program was greenlit by the cabinet back in July<\/p>\n","protected":false},"author":1,"featured_media":654451,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[4982,111,528,93,72,145,3340,364],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-654450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-air-cairo","tag-also-on-our-radar","tag-aviation","tag-energy","tag-enterpriseam","tag-logistics","tag-uganda","tag-water","wpautop","entry"],"acf":{"mongo_id":"bea8025f-3500-43b2-a52b-7fb163b6dca1","order":"16","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/11\/51.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Hospitality players\u2019 EGP 50 bn subsidized loan program goes live","related_issue":[654422],"teaser":"The program was greenlit by the cabinet back in July","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.38ec7c3b-bd24-45d2-86ea-a3bcde8d620d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Hospitality players\u2019 EGP 50 bn subsidized loan program goes live. PLUS: News from Accor, Air Cairo, Somabay - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/11\/03\/hospitality-players-egp-50-bn-subsidized-loan-program-goes-live-plus-news-from-accor-air-cairo-somabay\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Hospitality players\u2019 EGP 50 bn subsidized loan program goes live. 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EGP 1 bn in subsidized funding","rel":"","context":"In &quot;Tourism&quot;","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2381.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":619237,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/04\/29\/govt-mulls-subsidized-loan-program-for-hospitality-players-to-boost-hotel-room-capacity\/","url_meta":{"origin":654450,"position":1},"title":"Gov\u2019t mulls subsidized loan program for hospitality players to boost hotel room capacity","author":"enterpriseam admin","date":"29 April 2024","format":false,"excerpt":"The initiative will offer investors subsidized loans at a 12% interest rate","rel":"","context":"In \"debt\"","block_context":{"text":"debt","link":"https:\/\/enterpriseam.com\/egypt\/tag\/debt\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1945.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585656,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/27\/tourism-players-once-again-have-access-to-subsidized-loans\/","url_meta":{"origin":654450,"position":2},"title":"Tourism players once again have access to subsidized loans","author":"enterpriseam admin","date":"27 April 2023","format":false,"excerpt":"The gov\u2019t will offer EGP 10 bn worth of loans at an 11% rate to the industry","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/869.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":669427,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/08\/03\/where-the-egp-100-bn-subsidized-loan-program-for-hospitality-players\/","url_meta":{"origin":654450,"position":3},"title":"Where the EGP 100 bn subsidized loan program for hospitality players?","author":"enterpriseam admin","date":"3 August 2025","format":false,"excerpt":"PLUS- Ashry Steel submitted a bid for 100% of cement producer Building Materials industry Company","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/3\/1874.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":654369,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/31\/egypt-begins-offering-subsidized-loans-at-12-to-hospitality-players\/","url_meta":{"origin":654450,"position":4},"title":"Egypt begins offering subsidized loans at 12% to hospitality players","author":"enterpriseam admin","date":"31 October 2024","format":false,"excerpt":"Good afternoon, friends, and welcome to the last day in October. Don\u2019t forget to turn back your analog clocks by 60 minutes tonight and enjoy an extra hour of sleep.THE BIG STORY TODAY Government kicks off EGP 50 bn loan program for hospitality players: The tourism and finance ministries have\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578747,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/12\/industry-and-agriculture-to-get-fresh-subsidized-loans-at-a-higher-11-rate\/","url_meta":{"origin":654450,"position":5},"title":"Industry and agriculture to get fresh subsidized loans at a higher 11% rate","author":"enterpriseam admin","date":"12 January 2023","format":false,"excerpt":"Gov\u2019t plans EGP 150 bn subsidized loan program for industry and agriculture: The Madbouly government is set to offer EGP 150 bn worth of loans at a subsidized 11% interest rate to industry and agriculture players, according to a cabinet statement. 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