Good afternoon everyone, and hope you’re having a wonderful Monday. We have a busy issue for you today, so without further ado, let’s jump in.

HAPPENING NOW

The ministerial conference for strengthening the humanitarian response in Gaza is taking place today in Cairo under the patronage of President Abdel Fattah El Sisi, with a number of ministries and around 103 foreign delegations in attendance. The conference will focus on securing commitments for aid to Gaza, mobilizing efforts for urgent humanitarian relief and renewed ceasefire talks, and discussing regional security.

THE BIG STORY TODAY

Fresh details on gov’t efforts to localize auto feeder industries: The Industry Ministry unveiled new details about the government’s auto industry localization plans at today’s meeting of the ministerial group for industrial development, including updates on our upcoming tire-production and other auto feeder industry projects, according to a ministry statement.

What we thought was going to be a tire plant is actually going to be a whole tire city: The meeting included fresh details the Arab Organization for Industrialization’s plan to establish a USD 360 mn tire-manufacturing city in partnership with an unnamed Chinese tire production company, which is reportedly set to kick off its first phase within a year. The statement revealed that the city will include three tire factories, a plant for producing tire manufacturing equipment, service and maintenance centers, a steel wire factory, a white carbon production facility, and research and training facilities.

More: The meeting also touched on plans to develop tire factories in Alexandria and Amreya, manufacture solar panel glass, and produce batteries for El Nasr Automotive’s microbuses, all in partnership with regional and international companies. The statement added that El Nasr Automotive will be providing luxury buses for passenger services at high-speed rail stations in Egypt’s new cities.

THE BIG STORY ABROAD

The US introduces additional restrictions on transferring memory chips to China: The US has introduced its latest set of restrictions on transferring semiconductor chips to China, curbing exports to 140 companies in the world’s second largest economy, as the Biden administration continues its crackdown on China’s semiconductor industry. The move — the fourth such crackdown in three years — will limit the sale of high-bandwidth memory chips used in AI applications and reduce the chip-making tools made available to China. (Wall Street Journal | Reuters)

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

  • Increased enrollment pushed up CIRA’s topline: EGX-listed education services provider CIRA Education posted a 35% y-o-y increase in revenues to EGP 2.7 bn for the fiscal year ending 31 August 2024.
  • The EV sector is set for a boost in 2025 with Alkan Auto debuting Arcfox EVs, NATCO launching Neta Auto EVs, and UAE’s Zero Carbon introducing high capacity chargers to bolster EV infrastructure.
  • EFG Hermes’ brokerage arms topped the EGX brokerage league table in November with a market share of 24.2%.

☀️ TOMORROW’S WEATHER- Weather in the capital is expected to be fairly consistent throughout the week, with tomorrow’s temperature retaining the 23°C high, and dipping by one degree at night to 12°C, according to our favorite weather app.

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