LEGISLATION-

El Sisi signs off on new Labor Act: President Abdel Fattah El Sisi has given the final approval for the revamped Labor Law, marking a “qualitative leap” in labor rights, the president said in a speech during Labor Day celebrations. The legislation, which was passed by the House last month, will come into effect within 90 days of its publication in the Official Gazette, alongside its executive regulations.

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What does the new law entail? We dive into the ins and outs of the new law in our coverage here.

That’s not all: The president instructed the government to fast-track five labor-related measures — completing the draft law regulating domestic labor, expanding social protections for informal workers, launching an initiative offering scholarships to equip youth with skills in line with market needs, accelerating labor dispute resolution, and forming a permanent committee to follow up on the implementation of the national employment strategy once it is launched.

MANUFACTURING-

#1- A EGP 1.4 bn factory for blood collection bags is in the works: Japanese medical device manufacturer JMS, its local agent Interpharm, and the Egyptian Company for Medical Investments will set up a EGP 1.4 bn factory for blood collection bags and tubes in Ain Sokhna’s industrial zone, according to a cabinet statement. The factory aims to meet local demand for blood bags while exporting to neighboring markets in the MENA region, with production targets of 7 mn blood bags by the seventh year — 3 mn earmarked for domestic use and 4 mn for export.

#2- Locally produced MRI devices are also in the pipeline: Chinese firm XinGaoyi MedicalEquipment (XGY) and the Arab African Company for Medical Industries (AACMI) inked a partnership agreement to establish a factory to locally manufacture medical equipment, according to a statement. The agreement represents the initial phase toward establishing a joint manufacturing facility for the production of MRI, X-ray, and CT scan equipment at the premises of the state-owned Arab Organization for Industrialization — AACMI’s parent company. The agreement will allow these devices to be locally produced for the first time, according to the statement.

RENEWABLES-

Chinese solar tech player TrinaSolar is looking to up its solar panel sales in Egypt by 20% y-o-y this year, to reach USD 600 mn, the company’s MENA sales manager Karim El Tantawi told EnterpriseAM. Distributed solar generation capacity in Egypt is expected to at least double this year, reaching around 300 MW from just over 150 MW in 2024, he said.

OIL AND GAS-

International oil giants Chevron, Shell, and Eni have submitted offers for exploration blocks in the Mediterranean, with Chevron eyeing more than one area, an unnamed government official told Asharq Business.

ICYMI- Egyptian Natural Gas Holding Company launched bids for 12 new oil and gasexploration blocks in the Mediterranean and Nile Delta in August last year, offering 10 offshore and two onshore areas. The results of the offering will be announced this month, according to the source.

LAW-

Emirati law firm Habib Al Mulla and Partners expands into Egypt: UAE-based law firm Habib Al Mulla and Partners set up shop in Egypt to strengthen its regional presence, driven by the growing Emirati investments in the country, the firm said in a statement (pdf). The new office will provide legal support for businesses operating in key sectors like finance, real estate, energy, and technology.

What they said: “Our expansion into Egypt is a natural step in our firm’s journey. Egypt’s economic potential, combined with its deep legal talent pool, aligns seamlessly with our vision of offering strategic legal guidance across borders. As UAE investment in Egypt continues to rise, we are committed to supporting businesses with our deep regional expertise and industry-specific legal teams,” Founder and Chairman Habib Al Mulla said.

REAL ESTATE-

IL Cazar launched its EGP 20 bn residential, commercial complex WestDays in Sixth of October, according to a statement. The 80-acre project will be carried out across four phases and is expected to generate EGP 5 bn in sales this year. The project will offer sports courts, swimming pools, walking trails, and social clubs to accompany its residential and commercial spaces.

HEALTHCARE-

Mental health startup Shezlong launched “the region’s first AI-powered therapy assistant,” it said in a statement (pdf). The module is designed to support mental health professionals by analyzing patients’ emotional patterns, tracking their progress, and producing individualized treatment reports. “We believe the human element is at the core of the therapeutic journey for our clients. This innovation gives our therapists superpowers to enhance the experience for both therapists and clients,” said Mohamed El Sheikh, Shezlong’s Chief Medical Officer.

Big plans ahead: The startup has plans to commercialize the AI assistant, rolling it out to users across its platform in the near future. It is also gearing up to raise a new funding round to boost growth efforts and scale its tech, with the startup currently in “advanced discussions with several prominent venture capital firms.”

FINANCIAL SERVICES-

Another way to invest in gold: Private ins. provider Axa Egypt launched investment ins. policies, allowing clients to invest in already-existing gold investment funds, it said in a statement (pdf). The move came in response to the “increasing demand for integrated and flexible financial solutions in the Egyptian market,” CEO Omar Shelbaya said.

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