{"id":702177,"date":"2026-05-14T00:00:00","date_gmt":"2026-05-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?p=702177"},"modified":"2026-05-14T03:06:48","modified_gmt":"2026-05-14T03:06:48","slug":"alkan-holding-to-invest-egp-11-bn-in-citadel-plaza-hospitality-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2026\/05\/14\/alkan-holding-to-invest-egp-11-bn-in-citadel-plaza-hospitality-expansion\/","title":{"rendered":"Alkan Holding to invest EGP 11 bn in Citadel Plaza hospitality expansion"},"content":{"rendered":"

Alkan Holding will invest EGP 11 bn in three hotels and <\/strong>tourism facilities<\/strong> in the <\/strong>Citadel area<\/strong> by 2029<\/strong>, 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\u2019s total investment value to EGP 15 bn.<\/p>\n

About the Citadel Plaza:<\/strong> The mixed-use tourism and commercial hub<\/a> 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.<\/p>\n

The masterplan for Historic Cairo:<\/strong> To capitalize on growing tourist demand, the government spent years \u2014 and around EGP 60 bn \u2014 upgrading infrastructure and repairing buildings across Historic Cairo before 2023<\/a>. Now with the renovation phase complete, the government is offering<\/a> up heritage sites for Public-Private Partnerships to build boutique hotels and commercial ventures.<\/p>\n

\n

Eyes on the prize<\/p>\n

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

The timeline: <\/strong>Euro Mena II bought a majority stake in IEH back in 2012<\/a>, 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\u2019s Elaj Group<\/a> \u2014 already a 15% shareholder in IEH \u2014 an unnamed UK-based fund<\/a>, and most recently an unnamed strategic buyer<\/a> in 2024. <\/p>\n

\n

Anantara is coming to Somabay<\/p>\n

Thai hospitality giant Minor Hotels will set up Anantara Somabay Resort & <\/strong>Residences<\/strong> \u2014 the brand\u2019s first property in the country \u2014 under an agreement inked with our friends at Somabay, according to a statement<\/a>. The resort, which we flagged when the two companies signed an MoU last year<\/a>, will feature 300 hotel keys and 150 branded residential units and open its doors in May 2030. <\/p>\n

T<\/strong>he project is one piece <\/strong>of Minor\u2019s larger push<\/strong> into Egypt. <\/strong>The group formed a joint venture with Sunrise Resorts & Cruises last October<\/a>, targeting up to 50 hotels across the country over the next decade \u2014 a mix of new builds and redevelopments across West Cairo, Ras El Hekma, and Ain Sokhna. <\/p>\n

\n

E-finance starts the year strong<\/p>\n

Finte<\/strong>ch giant E-f<\/strong>inance<\/strong> saw its net income rise 42.3% y-o-y to roughly EGP <\/strong>857 mn in 1Q 2026<\/strong>, according to its latest earnings release (pdf)<\/a>. 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\u2019s 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%). <\/p>\n

\n

Elsewedy Electric sees jump in income<\/p>\n

Elsewedy<\/strong> Electric\u2019s<\/strong> net income after minority interest came in at EGP 4.8 bn <\/strong>during 1Q 2026<\/strong>, marking a 16.9% y-o-y increase, according to the company\u2019s latest earnings release (pdf)<\/a>. Revenues surged 26.8% y-o-y during the three-month period to EGP 75.3 bn, driven by growth across all segments \u2014 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%).<\/p>\n

\n

ODE\u2019s bottom line wavers amid regional war and Ramadan slowdown<\/p>\n

EGX-liste<\/strong>d Orascom<\/strong> Development (ODE) saw its net income dip 7% y-o-y to <\/strong>EGP 1.8 bn in 1Q 2026<\/strong>, which management attributed to declining land sales in the company\u2019s latest earnings release (pdf)<\/a>. Revenues remained largely unchanged at EGP 6.5 bn for the period. <\/p>\n

Revenues by segment:<\/strong> 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 \u201congoing regional conflict and seasonal impact from Ramadan.\u201d Revenues from commercial assets rose 24% y-o-y, reaching EGP 1.2 bn. <\/p>\n

\n

QNB backs GlobalCorp with EGP 3 bn facility<\/p>\n

GlobalCorp Financial Services secured a EGP 3 bn credit facility from <\/strong>QNB Egypt <\/strong>to finance leasing contracts and mortgage lending, according to a statement<\/a> from the lender.<\/p>\n

\n

Giza Systems is out, pulse by solutions is in<\/p>\n

Saudi S<\/strong>TC Group has <\/strong>rebranded<\/a><\/strong> tech consultancy firm Giza Systems to <\/strong>Pulse by<\/a><\/strong>S<\/a><\/strong>olutions<\/a><\/strong>. <\/strong>Solutions by STC, a subsidiary of Saudi Telecom (STC), acquired an 89.5% stake<\/a> in Giza Systems in 2022. <\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: QNB backs GlobalCorp with a EGP 3 bn for leasing<\/p>\n","protected":false},"author":1,"featured_media":702178,"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":[111,101,72,955,7111,65,12658,1443,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-702177","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-development-finance","tag-enterpriseam","tag-hospitality","tag-infrastructure","tag-investment","tag-qnb-egypt","tag-somabay","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"d1075c72-b34a-4406-bf6a-1c3cbcfefd46","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/5\/817.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Alkan plans EGP 11 bn hotel push in the Citadel","related_issue":[702162],"teaser":"Plus: QNB backs GlobalCorp with a EGP 3 bn for leasing"},"yoast_head":"\nAlkan Holding to invest EGP 11 bn in Citadel Plaza hospitality expansion - 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