Good afternoon, friends, and happy almost-weekend. International headlines remain focused on the ongoing Tsunami threat across the Pacific. At home, the news cycle seems to be slowing down.

WATCH THIS SPACE-

We’re inching closer to the grand opening of the Grand Egyptian Museum (GEM). The Egyptian cabinet is set to announce today the new opening date for GEM, a government source told Enterprise. Initially scheduled for 3 July and later postponed on account of regional tensions, the museum is slated to open in 4Q 2025 according to the source.

THE BIG STORY TODAY-

Egyptian textile firm CWA Textiles is investing EGP 970 mn (USD 19.9 mn) to build a new manufacturing facility in the Sokhna Industrial Zone, according to a Suez Canal Economic Zone (SCZone) statement. The project will be located on a 15k sqm plot developed by the Main Development Company. Operations are slated to begin by 3Q 2026.

The details: The facility is projected to generate USD 10 mn in export revenues in its first year of operations, ramping up to USD 30 mn within five years. The project will create 200 jobs in its first phase, with headcount expected to grow to 500 as operations scale.

Raya looks to acquire up to 90% of RCX: Raya Holding has submitted a mandatory tender offer (MTO) to acquire up to 90% of its subsidiary Raya Customer Experience, according to a disclosure to the EGX (pdf) this morning. The holding company — currently owns 61.7% of RCX — is offering an initial price range of EGP 6.87 to EGP 7.50 per share, valuing the company at between EGP 1.41 bn and EGP 1.54 bn. Raya Holding sees its subsidiary as undervalued and believes that increasing its stake will support restructuring efforts and help unlock long-term value, CEO Ahmed Khalil told EnterpriseAM.

Market reax: Following the news, Raya CX’s share price rose 2.79% to EGP 7.08 by the end of trading today.

Look out for our conversation with Khalil in tomorrow’s edition of EnterpriseAM Egypt.

THE BIG STORY ABROAD-

Earthquake strikes off Russian coast: An 8.8 magnitude earthquake that struck off Russia’s Eastern coast earlier today has triggered a Tsunami that has hit nations across the Pacific, including the US in Hawaii, California, Alaska, Oregon, and Washington.

The quake is tied for the sixth strongest ever recorded and the strongest since Japan’s megaquake in 2011. Tsunami warnings were promptly issued for over 10 countries including parts of Russia, Japan, Colombia, and the US, with mns of coastal residents ordered to evacuate and reach higher ground. No deaths or injuries have been reported, though images show extensive damage on the eastern coast of Russia.

The worst may have passed: The Philippines, Guam, and the Northern Mariana Islands have since cancelled their Tsunami advisory warnings, with Japan downgrading its warnings for most coastal areas. While waves are continuing to build alongside the US West Coast, Hawaiian officials have also downgraded warnings. Washington, Oregon, Alaska, and California — where waves reached a height of 1.1 meters — remain on alert. (CNN | BBC | NBC | Reuters | Guardian)

☀️ TOMORROW’S WEATHER- It’s going to be a relatively milder day on the weather front in Cairo tomorrow, with temperatures set to peak at 36°C, before dropping to 23°C. Across the North Coast, we’ll be in for breezy weather with a high of 29°C and a low of 27°C, according to our favorite weather app.