INVESTMENT WATCH-

China’s Winpex will set up a USD 15 mn factory for the production of solar lights, LED lights, and electronics under an agreement with industrial developer Main Development Company (MDC), according to a statement from the Suez Canal Economic Zone. The project, which will be hosted on MDC’s site near the Sokhna Port, is slated to create 500 direct jobs and will export the entirety of its production.

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EXPANSION-

Elsewedy Electric Saudi Arabia inaugurated a new USD 40 mn factory in Riyadh, which will produce low, medium, and high voltage cable accessories and polymer-reinforced fiberglass poles, according to a disclosure (pdf) to the EGX. The facility is the first locally accredited supplier of medium-voltage cable accessories to the Saudi Electricity Company and Elsewedy’s third plant in the Kingdom.

The group’s total investments in Saudi Arabia now exceed USD 250 mn, with additional projects under study — in power transformers, EV chargers, and water meters — valued at USD 150 mn.

LABOR-

Gov’t aims to unify regulations for foreign workers’ permits: The Labor Ministry signed a cooperation agreement with the Egyptian Tourism Federation to create a unified framework for regulating foreign workers’ permits across tourism establishments, according to a ministry statement. The agreement aims to balance the use of local and foreign labor, unify permit procedures, and move toward full digitalization through a joint online platform. A joint committee will oversee implementation, develop technical standards, and issue regular progress reports.

DIPLOMACY-

Egypt and Algeria signed a broad package of cooperation agreements yesterday following the ninth session of the Egypt-Algeria Joint High Committee in Cairo, according to a statement. The agreements covered housing and urban development, agriculture research, local development, and energy transition and renewables.

STARTUP WATCH-

Government-backed venture capital firm Egypt Ventures exited local semiconductor startup InfiniLink, following its acquisition by US chipmaker GlobalFoundries, yielding a 400% return on investment, according to a statement. “Egypt has world-class semiconductor talent but remains undercapitalized. We believe this success will catalyze further investment and unlock new opportunities for deep-tech founders working on transformative and high-impact technologies,” Egypt Ventures CEO Abdelrahman Mansour said.

DEBT WATCH-

The Sustainable Aviation Fuel Company is in negotiations for a USD 400 mn loan to fund its USD 530 mn sustainable aviation fuel project, Asharq Business reports, citing unnamed government officials. The Oil Ministry-owned company is in discussions with local and international lenders, including the National Bank of Egypt, Banque Misr, CIB, Afreximbank, and the EBRD, according to the outlet’s sources.

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