AUTOMOTIVE-

GB Auto will pour initial investments of USD 6 mn to begin assembling a new non-sedan Hyundai model in its Abu Rawash plant, Hyundai Franchise Vice President Fadi Mohsen told Hapi Journal, without disclosing the details. Production will begin with 5k units a year and go up to 15k units by mid-2026.

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OIL AND GAS-

The Madbouly cabinet approved two draft petroleum exploration and exploitation agreements between Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS), and international partners. One of the agreements is for oil exploration in the Eastern Desert, and the second is for gas and crude oil exploration in the Nile Delta.

INVESTMENT-

Supermarket chain Bim plans to set up an EGP 1 bn logistics hub in Ismailia, Director of Legal Affairs Ehab Khalil told Al Borsa. The new facility will include multiple warehouses and cold storage units for essential goods, which will serve Bim’s retail branches in Ismailia, Canal cities, and Sharqia. The company has already launched tenders for contractors to execute the project.

REMEMBER- The move comes on the heels of reports from earlier this month that Bim is investing EGP 2 bn to open 200 new branches across Egypt this year, which would bring its total footprint to 650 locations.

OUTSOURCING-

US-based customer service giant Alorica will increase its Cairo workforce 450% by the end of 2025 to 1.5k employees, the company said in a statement (pdf). The phased expansion follows rising client demand across the travel, retail, healthcare, and tech sectors.

But why Egypt? “Central Cairo is quickly becoming the premier offshore CX hub, and we’re proud to have established our footprint here early on,” said Co-CEO Mike Clifton. Fellow Co-CEO Max Schwendner added that “we build where we see bold opportunity and lasting value — for our clients and our people” and “Cairo offers both.”

DEFENSE-

Turkey’s state-owned defence and tech firm Havelsan partnered with the Arab Organization for Industrialization to manufacture vertical takeoff and landing UAVs under an agreement inked between the two, Turkish Ambassador to Egypt Salih Mutlu Şen said in a post on X. The ambassador added that the production of unmanned ground vehicles by the two had already begun.

STARTUP WATCH-

Homegrown fintech startup Palm launched its incentivized goal-based investment platform, the company said in a statement (pdf). The move follows the company obtaining a portfolio management license from the Financial Regulatory Authority, enabling it to directly manage retail investments. This also comes shortly after the startup closed a seven-figure pre-seed fundinground.

What they said: “With one app, users can plan their life goals, grow their money, and spend smarter through our merchant partners. This isn’t about putting money aside; it’s about making every EGP work harder, cutting costs where it matters most, and turning investing into something people look forward to,” CEO Mazen El Kerdany said.

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