New Turkish and Chinese investments incoming

Good afternoon, friends, and happy hump day. It’s another calm day on the newsfront, and we’ve got some good news for you: in case you missed it, we’re in for a four-day workweek next week.

THE BIG STORY TODAY-

Turkish and Chinese textile investors are once again giving us plenty of investment news to look into this afternoon, including a USD 130 mn textile factory courtesy of China’s Evafar Textile Egypt, according to an Suez Canal Economic Zone statement. The Qantara West project is set to create 3.2k jobs and bring in FX revenues, with all production earmarked for export.

Representing Turkey in today’s slew of investment news is Nil Örme with a USD 35 mn factory also planned for Qantara West, according to a separate statement from the zone. The project will create 2k jobs and earmark 90% of production for export.

AND- The Finance Ministry is set to begin implementing the Advance Customs Information (ACI) system for air freight in January 2026, government sources told EnterpriseAM today. This move comes after a nearly five-year delay, despite the system's mandatory application for sea freight in October 2021.

ACI? The ACI is a system that requires shippers to submit cargo data and documents — such as pro-forma invoices and draft bills of lading — at least 48 hours before shipment leaves the export country. It’s a key part of the Finance Ministry’s digital customs system known as Nafeza, which went live in 2021.

What’s next? The Egyptian Customs Authority (ECA) will begin the pilot operation of the ACI customs system for local and foreign air freight companies and airlines starting from the beginning of September until the end of December, our sources noted. The mandatory operation is set to begin January 1, 2026.

In the fourth issue of our Destination Sahel series, we're bringing you the latest updates on New Alamein City and a look at the best investments in Sahel today. We also investigate the growing issue of beach erosion and its impact on our shores.

Look for Destination Sahel, Issue IV, in your inbox on Wednesday, 3 September.

Missed the first three issues? Tap here to read the full series.

THE BIG STORY ABROAD-

Still getting top billing in the global press this afternoon is US President Donald Trump’s decision to fire Federal Reserve governor Lisa Cook. In the latest move in his ongoing feud with the Fed, Trump took to Truth Social last night to fire governor Lisa Cook over allegations of mortgage fraud. “There is sufficient reason to believe you may have made false statements on one or more mortgage agreements,” Trump’s letter reads.

Hours following the announcement, Cook issued a statement rejecting Trump’s decision, noting “no cause exists” to back the dismissal. Cook’s attorney is set to take “whatever actions are needed to prevent [Trump’s] attempted illegal action.” It is worth noting that Trump’s decision could indeed be legally challenged. The unprecedented — and legally dubious — move leaves room for the US president to find a replacement that allows him more control over Fed policy, following increased pressure on policymakers to lower interest rates. (Reuters | AP | CNN | BBC | Guardian | New York Times | Washington Post)

☀️ TOMORROW’S WEATHER- We’re in for another cool day in Cairo tomorrow, with temperatures set to peak at 35°C, before cooling down to 22°C. Up north, temperatures will reach a high of 29°C and a low of 26°C, according to our favorite weather app.