News

NEOM Announces Luxury Tourism Destination Epicon

The glistening coastal tower will be situated on the Gulf of Aqaba and is billed as “a gateway to the future”.

Published

3 years ago

November 16, 2023

Nour Nasir

NEOM

Planners of NEOM, the sustainable urban development being built in northwest Saudi Arabia, have announced a new addition to the project named Epicon, a luxury coastal tourism destination on the Gulf of Aqaba.

Epicon will “set new standards of hospitality and architecture”, according to a recent NEOM press release. Rising from the desert like a glistening mirage, the facility will feature two huge towers, one 225 meters tall and the second a massive 275 meters. The towers will house 41 ultra-premium hotels and luxury residences comprising 14 suites and apartments. A short distance from the hotel, a separate resort complex will blend “tranquility with indulgence” with another 120 rooms and 45 residential beachside villas.

In the press release, NEOM officials describe Epicon as a place “designed as a gateway to the future [providing] an opportunity to escape the stresses of the every day”. Whether relaxing at the beachside club, taking a wellness treatment at the luxurious spa, or exploring the surrounding nature, the coastal tower resort will offer guests an unparalleled experience, along with a wide array of culinary options from its many restaurants and bistros.

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Epicon will also offer residential apartments, giving unrestricted access to world-class facilities and views of one of the most desirable shorelines in the region. Amenities will include a state-of-the-art gym, high-tech workspaces, a library, swimming pools, and club lounges.

News of the Epicon facility follows the recent announcement by NEOM of Leyja, a sustainable tourism destination situated in a beautiful natural valley. Overall, it appears that the development of Saudi Arabia’s northwest region will soon make it one of the world’s most desirable tourist locations.

News

Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

Egypt’s telecom regulator says $57.6 billion moved through more than 57 million wallets in six months. And one operator handled 77% of the value.

Published

4 days ago

September 12, 2026

Nour Nasir

egypt's mobile wallets are booming but cash still has power

Egypt’s mobile wallets handled EGP 2.96 trillion ($57.6 billion) in transactions in the first half of 2026, according to the National Telecom Regulatory Authority – a 56% rise on the EGP 1.90 trillion ($36.9 billion) recorded a year earlier. Transactions grew faster still, up 62% to 2.22 billion, while registered wallets climbed 23% to 57.01 million.

On one reading, that is exactly what Egypt’s regulators have been pushing for: a payments system that runs through telecom-linked wallets rather than banknotes. But the same data shows how far cash still reaches into it. Cash withdrawals made up just 12% of the transactions taking money out of wallets, yet 75% of the value withdrawn or spent.

Money arrives mostly from bank accounts: transfers through InstaPay accounted for 78% of deposit transactions and 58% of the value deposited, while incoming remittances from abroad made up 3% of deposit transactions but 10% of their value. Once inside, it largely moves between wallets – wallet-to-wallet transfers accounted for 54% of all transactions and 67% of total value, with mobile and internet top-ups a distant second at 25% of volume. In effect, the wallet is serving as a transfer layer: the place money passes through between the bank account and the banknote.

That layer also runs predominantly through one operator. Vodafone Cash held 53% of registered wallets and 57% of active ones, but handled 69% of transactions and 77% of their value. Its nearest rival, e& money, held 23% of registered wallets but 14% of transaction value; Orange Cash 20% and 8%; WE Pay 4% of wallets. How many of the 57.01 million are active is not stated.

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Adoption is rather uneven in other respects. Men held 38 million wallets, or 67% of the total, against 19 million held by women. Users aged 26 to 45 accounted for half of all wallets, and Cairo alone had 10.6 million, or 19% of the national total, with Giza next at 6.5 million.

The NTRA says it is continuing to work with telecom operators on the regulatory framework for wallet services, part of a wider effort to expand electronic payments and financial inclusion. Its own figures show that effort succeeding on the way in. On the way out, three-quarters of the value still leaves as cash.