Good afternoon, friends, and congratulations on making it to the end of the week. As things inch closer to normal following the aftermath of the Ramses data center fire, it seems the news cycle is starting to take a breather.

THE BIG STORY TODAY

Turkish textile heavyweight Bony will set up a USD 100 mn textile factory in Elsewedy’s Tenth of Ramadan Industria zone under an agreement it inked with ElSewedy Industrial Development, according to a statement from the General Authority for Investment and Freezones. Bony will purchase a 120k sqm plot of land in Industria that will be designated a special freezone and developed into the site of the new factory. The facility is slated to kick off operations by the end of 2026 and create around 2.5k jobs, with a view to export to European and African markets.

The agreement was finalized during a promotional mission to Istanbul last June, led by ElSewedy Electric CEO Ahmed ElSewedy and backed by Egypt’s Commercial Office in Istanbul.

ICYMI- Earlier this year, Turkish press reported that Bony’s retail clothing brand Katia & Bony plans to launch sock manufacturing operations in Egypt with investments of USD 50 mn.

Turkey’s garment industry has been doubling down on Egypt as of late. Just last month, Turkey’s Şirikçioğlu inked an agreement to establish a USD 20 mn denim factory in the Qantara West Industrial Zone. Meanwhile, two undisclosed Turkish companies were reportedly eyeing acquisitions in Egypt’s spinning and weaving sector, with a combined investment of USD 30 mn. And in just the past six months, 19 Turkish apparel firms have applied to set up operations in the Suez Canal Economic Zone.

THE BIG STORY ABROAD

Trump’s escalating tariff war with Brazil continues to dominate headlines in the foreign press: Financial markets recoiled following US President Donald Trump’s threat to slap Brazil with a 50% tariff on its exports to the US. The BRL slipped 3% against the USD, while US equity futures slid and S&P 500 contracts retreated 0.2%. Trump had leveled the threat in a letter to Brazil on Wednesday in protest over charges against former Brazilian President Jair Bolsonaro, describing the trial as a “witch hunt.”

Trump’s latest tariff threat was met with a sharp response from President Luiz Inacio Lula da Silva, who shot back in a social media post saying Brazil will not be “tutored” and that its justice system will not be “subject to interference or threat.” Lula convened top cabinet members for a meeting at the presidential palace shortly after the tariff announcement.

☀️ TOMORROW’S WEATHER- It’s another warm day in Cairo tomorrow, with the mercury set to peak at 36°C, before cooling down to 23°C at night. Cooler weather is expected across the North Coast, with a high of 28°C and a low of 25°C, according to our favorite weather app.

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