LABOR-

Greece to fill labor shortage with Egyptian farmers: Greece will be employing over 5k Egyptian farm workers starting this summer for temporary agricultural work as part of an agreement signed in 2022 with Egypt, the Greek Migration Ministry said in a statement. There’s also early-stage plans to roll out the plan to Greece’s construction and tourism sectors.

Remember: One of the six pillars of Egypt’s joint strategic and comprehensive partnership with the EU was concerned with migration and mobility and involves using work programs and other legal pathways to tackle irregular migration into the bloc.

MANUFACTURING-

Prometeon eyes big investment in Egypt: US-based tire manufacturer Prometeon Tyre plans to invest EUR 100 mn in Egypt over the next five years to boost production and support research and development, the group’s CEO Roberto Righi was quoted as saying by Al Mal.

Refresher: Prometeon said in late 2022 it would invest EUR 30 mn to ramp up production at its Alexandria plant.

STARTUPS-

DisrupTech readies funds for Egyptian tech startups: Local VC DisrupTechVentures wants to pour USD 17 mn into startups by mid 2025, with an eye on “Egyptian companies working in digital transformation services,” founder and managing partner Mohamed Okasha told Asharq Business.

The Cairo-born and -based VC has already had a busy 2024: Disruptech led both fintech startup Bokra’s USD 4.6 mn pre-seed round in April and edtech startup Sprints’ USD 3 mn bridge financing round in March.

OUTSOURCING-

An outsourcing freezone? The government is looking into setting up its first freezone for outsourcing services over the coming year, Al Borsa reports, citing informed sources. The Madbouly government has already started on the feasibility study for the zone and plans to complete it in September. The government has plans to set up 56 outsourcing service centers “over the coming period.”

Remember: The government wants to nearly triple outsourcing exports to USD 13 bn by 2030.

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