Good afternoon, folks, and congratulations on making it through another successful workweek. We’re winding down for the weekend, and it seems the news cycle is following suit, with a few investment stories to end the week on a positive note.

THE BIG STORY TODAY-

📍 Egypt rolled out new USD multi-mn industrial projects in the automotive and textile sectors. The new projects include Samil Solution’s ready-made garments factory in Qantara West, Al Mansour’s vehicle and industrial filters factory in the 10th of Ramadan City, and Leoni’s electrical wiring complex in Roubiki City.

#1- Al Mansour Automotive’s MAC Filters Manufacturing Company inaugurated its USD 11 mn vehicle and industrial filters factory in the 10th of Ramadan City, according to a cabinet statement. The new facility will have an annual production capacity of 15 mn filters for various types of vehicles and industrial uses. The company aims to export 35% of total production by 2027 to external markets, MAC Filters Manufacturing CEO Tarek Atta said.

#2- South Korean textile company Samil Solution will establish a USD 4.5 mn ready-made garments factory in the Qantara West Industrial Zone, aiming to create around 1k jobs, according to a statement by the Suez Canal Economic Zone. The new factory will produce knit and woven ready-made garments with an annual production capacity of 8.8 mn pieces, all of which will be exported to international markets.

#3- Leoni Egypt will establish an industrial complex to manufacture electrical wiring harnesses and cables in Roubiki City, in partnership with the Cairo for Investment and Development Company, according to a statement by the Industry Ministry. The 91k sqm facility will provide wiring to both conventional and electric vehicles, serving as a regional hub for the manufacturing and export of electrical wiring systems to major European and global car manufacturers.

The government has officially announced Qatar’s USD 29.7 bn North Coast Project in the Samla and Alam El-Roum area in a cabinet statement. Qatar Investment Authority-owned Diar will develop the project through a subsidiary, in partnership with the New Urban Communities Authority (NUCA).

The numbers: Diar will pay USD 3.5 bn for the land, to be transferred before the end of 2025. It will also place an in-kind contribution consisting of residential units from the housing component of the project, which was previously estimated to be USD 26.2 bn. 

ICYMI- The 20 mn sqm project will include upscale residential communities, tourism, and entertainment facilities that provide a hotel capacity of over 4.5k rooms, open artificial lakes, golf courses, an international marina, and two local marinas. It will also include power distribution stations, water desalination and treatment plants, hospitals, schools, universities, and several government offices. This mega development is expected to create over 250k jobs across its facilities.

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THE BIG STORY ABROAD-

🌐 It’s an oddly calm afternoon in the global press, but headlines continue to follow European markets as they continue to slip further following investor reactions to a slew of corporate earnings releases, many of which, including Germany’s top arms manufacturer Rheinmetall, reported below-estimate earnings. The pan-European Stoxx 600 was down 0.2% at the time of publication.

Earlier this week, the stock index hit a two-week low in what has been a tumultuous week for global markets, with European indices in particular bearing the brunt. At the time of publication, the French CAC 40 was down 0.7%, Italy’s FTSE MIB was 0.2% in the red, the UK’s FTSE 100 slipped 0.2%, and the German DAX was down 0.3%. Going against the grain, Spain’s IBEX 35 was up 0.1%. (CNBC | Reuters)

The sharp slip can also be attributed to loss of investor confidence in AI, as concerns continue to rise over the inflated valuations of AI companies, The Guardian reports.

☀️ TOMORROW’S WEATHER- Cairo is in for a moderately warm day tomorrow, with temperatures set to peak at 29°C before cooling down to 20°C, according to our favorite weather app.

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