EMPLOYMENT-

The Madbouly government wants to facilitate Egyptians’ access to jobs abroad: The government wants to help 1 mn Egyptians access labor markets in developed countries by 2030 by ensuring they receive the needed certificates, with a focus on AI, IT, nursing, and biotechnology, according to the Cabinet Information and Decision Support Center’s Strategic Economic Directions report (pdf).

The why: The government wants to raise remittances from Egyptians abroad by 10% each year to reach USD 53 bn by 2030.

FINTECH-

Paymob x Tamara: Khaleeji merchants and customers using Paymob will now have access to PIF-backed payments platform Tamara’s buy now, pay later (BNPL) service, after the Egyptian fintech startup teamed up with Saudi Arabia’s first fintech unicorn startup, according to a joint statement (pdf). The new services will be offered to customers in the GCC region — starting with the KSA and UAE — with a focus on small- and medium-sized enterprises (SMEs).

COMMODITIES-

Gov’t weighing offers for sugar tender: State buyer GASC is considering offerssubmitted for its tender to purchase 50k tonnes of sugar that closed on Saturday, Reuters reported on Monday. The lowest price offered for raw sugar reached USD 530 a ton, 6% above the USD 500 GASC was looking to pay, the newswire reported, citing traders. The lowest offers for white sugar reportedly came in at USD 699 a ton, 15% above GASC’s USD 600 a ton target.

M&A-

Spegyco may be getting some new owners: The Saad El Din Group is currently studying acquisition offers from four unnamed foreign companies for its Spanish Egyptian Cement factory (Spegyco), with two Gulf firms in the mix, CEO Mohamed Saad El Din told Al Borsa. El Din did not provide any further details of the firms interested in acquiring Spegyco or the value or size of the investment.

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