Changzhou Rameda to invest USD 22.6 mn in new textile manufacturing facility

Good afternoon, friends. It’s another slow news day, and we’ve got a brisk issue for you.

THE BIG STORY TODAY-

China’s Changzhou Ramada will invest USD 22.6 mn to build a textile manufacturing facility in the Qantara West Industrial Zone, according to a Suez Canal Economic Zone (SCZone) statement.

The details: The 80k-sqm plant will produce home textile fabrics and garments, with an annual capacity of 5k tons of fabric, 4 mn bed cover sets, and 1 mn car carpet sets. Some 90% of output will be exported. The project will create 1.5k direct jobs once operational.

IN NUMBERS- The Qantara West Industrial Zone secured 32 projects worth over USD 822.2 mn in total investments, expected to create 45.6k direct jobs, SCZone head Walid Gamal El Din said. The authority aims to develop the zone into a fully integrated base for textiles, ready-made garments, and accessories, with strong export orientation.

THE BIG STORY ABROAD-

It’s a slow news day on the business front, with international headlines dominated by the latest developments in Gaza.

Israeli airstrikes target journalists: At least five Al Jazeera journalists, including correspondent Anas Al Sharif, were killed in an Israeli airstrike near Shifa Hospital in Eastern Gaza on Sunday. The Israeli military claimed that it had targeted Al Sharif over alleged involvement with Hamas — a claim rejected by Al Sharif himself prior to his death. “I urge you not to let chains silence you, nor borders restrain you. Be bridges toward the liberation of the land and its people,” Al Sharif’s “will and final message,” published on X shortly after his death, reads. (Reuters | CNN | BBC)

MEANWHILE- Australian Prime Minister Anthony Albanese announced that the country will recognize the Palestinian state at the upcoming UN General Assembly in September, joining Canada, France, and the UK, as anger builds over Israel’s military operations in Gaza. "A two-state solution is humanity's best hope to [...] bring an end to the conflict, suffering and starvation in Gaza," Albanese said. New Zealand Foreign Minister Winston Peters also said his country might follow a similar path: “our recognition of a Palestinian state is a matter of when, not if.” (BBC | Reuters | Guardian | CNN)

☀️ TOMORROW’S WEATHER- We’re in for a particularly warm day, as temperatures in Cairo are set to peak at 40°C, before cooling down to 26°C. Temperatures are also rising across the North Coast, with a high of 32°C and a low of 26°C, according to our favorite weather app.