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Good afternoon, folks, and welcome to the end of yet another short workweek. We hope you all stay safe indoors as we are still waiting for the sandstorm to arrive.
ICYMI- Both the private and public sectors have tomorrow off for Labor Day. EnterprisePM Egypt will also be taking a break from your inboxes tomorrow, but we will be back in your inboxes at the appointed hour on Sunday.
THE BIG STORY TODAY-
A EGP 1.4 bn factory for blood collection bags is in the works: Japanese medical device and pharma company 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 for domestic use and 4 mn for export.
Locally produced MRI devices are also in the pipeline: Chinese firm XinGaoyi MedicalEquipment (XGY) and The Arab African Company for Medical Industries (AACMI) have inked a partnership agreement to establish a JV dubbed XinGaoYi Egypt International to locally manufacture medical equipment, according to a cabinet 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 produced locally for the first time, according to the statement.
THE BIG STORY ABROAD
The foreign press is still focused on Trump's 100 days in office: During a rally in Michigan to mark his 100th day in office, US President Donald Trump hinted that an agreement with China on tariffs is likely to materialize. “We get along with China,” he said. “I think it's gonna work out. They want to make a deal. We're going to make a deal. It's going to be a fair deal,” he added, marking another instance of a softened tone on Beijing. Trump also renewed attacks on Federal Reserve Chairman Jerome Powell after dialing down his criticisms of the pace of his rate cuts last week. “Inflation is basically down and interest rates came down despite the fact that I have a Fed person who’s not really doing a good job,” he said. “I know much more than he does about interest rates.” In addition to touting the success of his tariff policy, Trump hailed his time in office as the “most successful 100 days of any administration in the history of our country.”
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☀️ TOMORROW’S WEATHER- Sunny skies tomorrow will make up for today’s weather, with the mercury set to reach 28°C throughout the day, and dip to 17°C in the evening, according to our favorite weather app.
