A USD 500 mn baby formula factory?

Good afternoon, friends. The pre-Eid lull seems to be holding as the news cycle anticipates the long (and very warm) weekend.

THE BIG STORY TODAY-

Efforts to localize infant formula production are getting serious: The state-owned Mostakbal Misr Agency for Sustainable Development is gearing up to build a USD 500 mn baby formula factory in partnership with the private sector, Asharq Business reports, citing the agency’s spokesperson Khaled Salah. The move aims to slash imports of the commodity — which currently stand at around USD 1 bn annually — and follows recent calls by President Abdel Fattah El Sisi to establish a domestic factory to address “unreasonable” import levels.

The game plan: The factory, which is set to come online in early 2027, will meet around 50% of local market demand with 40-45 mn packages in its first phase before scaling up to fulfill all domestic needs.

Beltone Leasing and Factoring inaugurates SCZone branch: Beltone Holding’s Beltone Leasing and Factoring has inaugurated a branch in the Suez Canal Economic Zone’s Sokhna Industrial Zone, according to a press release (pdf). The move “is part of SCZone’s broader strategy to establish an integrated financial infrastructure that keeps pace with the growing needs of industrial and logistics activities,” SCZone head Walid Gamal El Din said.

A first: “We are proud to be the first leasing and factoring company to begin operations within the SCZone to finance investors. This step opens new avenues for financing industrial projects and strategic export activities, thereby contributing to economic development and supporting national growth objectives,” Beltone Holding’s Deputy Head of NBFIs for Leasing, Factoring, and Consumer Finance Amir Ghannam said.

THE BIG STORY ABROAD-

Poland elects new president: Nationalist Karol Nawrocki has won the presidency with a razor-thin 50.89% lead over pro-EU Warsaw mayor Rafał Trzaskowski. The result is a blow to PM Donald Tusk’s reform agenda and sets the stage for renewed political gridlock, with Nawrocki expected to veto liberal policies and take a harder line on EU ties. (Reuters | BBC | AP)

ALSO MAKING HEADLINES- One man attacked a pro-Israel rally in Colorado yesterday, while shouting “Free Palestine.” Eight people between the ages of 52 and 88 were hospitalized with burn injuries following the attack, which the FBI is treating the assault as a potential act of domestic terrorism. The rally was part of ongoing weekly demonstrations calling for the release of Israeli hostages. (New York Times | Reuters | AP)

☀️ TOMORROW’S WEATHER- We’ll be seeing stable weather tomorrow, with the mercury set to mimic today’s peak of 31°C throughout the day and cool to 20°C at night, according to our favorite weather app.