Good afternoon, folks and happy Thursday. Yes, the weekend has finally arrived and we can’t wait to pack up and zoom off into this extended holiday.

EnterprisePM Egypt will be taking a week off. We will be back at the usual time and place on Sunday 23 June.

THE BIG STORY TODAY

Turkey’s Şirikçioğlu to invest USD 700 mn in a denim factory in Port Said: Leading Turkish denim fabric manufacturer Şirikcioğlu, has received an initial approval from the Ministry of Trade and Industry to establish a jeans factory in Port Said with investments amounting to USD 700 mn. News of the project comes on the heels of Minister Ahmed Samir’s visit to Turkey, and is expected to create 5k jobs in its first phase of operation.

THE BIG STORY ABROAD

The G7 are in conference. Earlier today, G7 leaders including US President Joe Biden, UK PM Rishi Sunak, and French President Emmanuel Macron, convened in Italy to attend the conference, hosted by Italian PM Giorgia Meloni. The leaders of the world’s biggest economies are discussing many global issues, but at the forefront is international conflict. The conference will still be in session at the time of publication, but draft conclusions so far point to seeking de-escalation in Ukraine and Gaza. All countries have agreed to send USD 50 bn of aid to Ukraine, tapped from frozen Russian assets. Pope Francis, the first pope to ever attend a G7 summit, is making an appearance to discuss artificial intelligence. (Bloomberg)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Chinese shipping and logistics group Cosco Shipping will invest USD 375 mn this year to increase its container capacity at various Egyptian ports.
  • Say hello to the EGX33 Shariah: The bourse’s new shariah-compliant index — dubbed the EGX33 — that was officially launched yesterday was followed by a statement (pdf) from EGX boss Ahmed El Sheikh laying out the ins and outs of the long-awaited index.
  • World Bank holds Egypt’s growth outlook steady: The international lender sees the Egyptian economy growing at a 2.8% clip during the fiscal year 2023-2024, keeping its outlook unchanged from its April forecast.

☀️ THE HOLIDAY WEATHER- Expect a scorching weekend, with highs reaching 42-43°C in the capital and 35-36°C in Alexandria and Sahel, before cooling throughout the week.

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