Good afternoon, friends. We hope you’ve been enjoying today’s weather as much as we have. We have a brisk issue for you today, covering a boost to the automotive industry and a dive into how the takeover of entry-level jobs by AI could impact the future of (human) employment.

THE BIG STORY TODAY

Sumitomo Electric opens Tenth of Ramadan automotive wiring harness factory: The local arm of Japan’s Sumitomo Electric SE Wiring Systems Egypt inaugurated its EUR 22 mnautomotivewiring harnesses factory in Tenth of Ramadan as part of Egypt’s efforts to expand the local automotive feeder industry and localize production, according to a cabinet statement.

ICYMI- We heard back in October that the factory would begin production the following month before an official opening in 1Q 2025. The factory was originally scheduled to begin operations by the end of 2023.

The facilities: The factory has a production capacity of 10 mn wires per month that the company expects to ramp up to 26 mn wires with the addition of new machines down the line. It also currently produces 650k harnesses monthly through its already operating factories in the country, with plans to expand production to 1 mn harnesses by the end of the year. The factory currently employs around 2k workers, with plans to increase the workforce to 3k by the end of 2025

The company has installed solar power systems worth a combined EUR 1 mn across its Egypt plants to generate 3.2 MW of clean energy, supplying a portion of the plants’ energy needs.

DATA POINT- With EUR 300 mn in exports annually, Sumitomo has maintained the title as the country’s largest free zone-based exporter for the last four years, said the company’s Egypt head Hammam Mohamed, according to a separate statement from the cabinet. The company’s existing factories across Sixth of October, Tenth of Ramadan, and Port Said employ some 12k workers.

THE BIG STORY ABROAD

Israel escalates Gaza strikes amid rising international criticism: Airstrikes by Israel targeting a family home and shelter in Gaza have killed at least 60 Palestinians since midnight, adding to the more than 500 deaths reported this week. Local health officials report that over 53k people, predominantly women and children, have died as a direct result of strikes since October 2023 — these numbers do not include people who have died from illness and starvation due to Israel’s blockade on medicine and food. Despite mounting international pressure, Israeli Prime Minister Benjamin Netanyahu has vowed to continue the offensive with the goal of establishing full control over the Gaza Strip. (France 24 | The Guardian | Reuters)

Western allies threaten action: The UK, France, and Canada released a joint statement yesterday condemning Israel’s renewed offensive in Gaza and its restrictions on humanitarian aid. The allies described the humanitarian situation as “intolerable” and threatened “concrete actions,” including targeted sanctions if Israel fails to halt military operations and comply with international humanitarian law.

France’s foreign minister said that Gaza has become “a place for dying,” criticizing current aid levels as “completely insufficient.” Meanwhile, Spain’s Prime Minister has called for Israel’s exclusion from international cultural events, including Eurovision, citing double standards compared to Russia’s treatment following its invasion of Ukraine. (Reuters | Reuters)

Internal dissent and stalled diplomacy: Within Israel, opposition figure Yair Golan condemned the war’s civilian toll, stating that the country was becoming an “outcast among nations” — rare criticism that Netanyahu has dismissed as “wild incitement.” (AP)

☀️ TOMORROW’S WEATHER- Slightly warmer temperatures are hitting the capital tomorrow, with a peak of 32°C throughout the day, accompanied by a breezy afternoon, before a cooldown to 19°C at night, according to our favorite weather app.

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