Good afternoon, friends, and happy hump day. At home, we’re keeping an eye out on a potential new Japanese industrial zone.

THE BIG STORY TODAY-

Madbouly pitches a Japanese industrial zone in Egypt: Prime Minister Moustafa Madbouly invited Japanese companies to establish a dedicated Japanese industrial zone in the Suez Canal Economic Zone, saying it would let manufacturers capitalize on Egypt’s strategic location at the crossroads of Africa, Europe, and Asia and leverage the country’s freetrade agreements to reach key markets with fewer customs barriers, according to a cabinet statement.

All for the localization push: Madbouly also urged Japanese firms at the Egypt-Japan Business Council in Tokyo to back Egypt’s localization drive in priority sectors including automotive, renewables, and water desalination, noting the government is supporting these industries with incentive packages.

The investment forum also saw the signing of 12 agreements and letters of intent across education, renewables, industrial development, IT, logistics, tourism, and green energy, according to a separate statement. Standouts include an agreement between the SCZone, Orascom Construction, and Japan’s Itochu Corp to develop green fuel bunkering for ships, and a pact between Toyota Tsusho and the ministries of industry and investment to localize automotive manufacturing and components.

Mark your calendar for the 2025 EnterpriseAM Egypt Forum, our flagship forum and part of our must-attend series of invitation-only, C-suite-level gatherings. Tap to register your interest to attend. Want to partner with us? Reach out to Moustafa Taalab at mtaalab@enterprisemea.com to explore sponsorship opportunities.

THE BIG STORY ABROAD-

It’s a calm day on the business front, with the UK backtracking on its demand to access encrypted Apple data getting the most ink.

UK dropped demand for access to US Apple data, US Director of National Intelligence Tulsi Gabbard said on X today. The country had previously insisted on being provided a “backdoor” that would allow retrieval of encrypted user data held by Apple, which prompted the iPhone-maker to withdraw its Advanced Data Protection feature from the country earlier this year. “The vice-president negotiated a mutually beneficial understanding that the UK government will withdraw the current back-door order to Apple,” a US official cited by the Financial Times said.

ICYMI: In December, the UK served Apple a formal notice demanding right of access to the data — which, it is worth noting, could not be accessed by Apple itself given its Advanced Data Protection security feature, which exclusively allows users access. Earlier in May, US lawmakers noted that providing backdoor access would make the data susceptible to cybersecurity risks. (Reuters | BBC | FT)

☀️ TOMORROW’S WEATHER- We’re in for slightly cooler weather in the capital tomorrow, with temperatures peaking at 36°C, before cooling down to 24°C. Up north, we’re in for a high of 29°C and a low of 27°C, according to our favorite weather app.

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