Good afternoon all you wonderful people, and happy Wednesday. Cold days haven’t slowed down the news cycle one bit — read on for all the latest.

THE BIG STORY TODAY

Turkish textile firm set to invest USD 50 mn in local sock manufacturing: Katia&Bony, a Turkish textile exporter to global brands like H&M and Carrefour, will be launching sock manufacturing operations in Egypt with investmentS of USD 50 mn, Turkiye Today reports. The General Authority for Investment and Freezones has reportedly said it will facilitate the company’s entry to the local market.

Turkey’s textile industry has been doubling down on Egypt as of late: This is just the latest of a string of notable investments from Turkish textile firms, with the most recent including a USD 8.8 mn denim factory in the Qantara West Industrial Zone announced in December.

Our growing trade ties with Turkey are no accident: During President Abdel Fattah El Sisi’s historic visit to Turkey last September, the leaders of the two countries discussed their aim to boost trade relations threefold from USD 5 bn to USD 15 bn over the next five years.

THE BIG STORY ABROAD

The international news flow has stayed relatively subdued this morning, with little sign of progress in Gaza ceasefire talks as Israeli officials hold off on providing detailed withdrawal plans. Negotiations in Doha had sparked hope for a truce, but a senior Hamas official has told Reuters that the group is still waiting on Israel to submit maps outlining troop withdrawals. The proposed phased ceasefire seeks to end the bloody 15-month war with a six-week truce, gradual Israeli withdrawals, and the release of hostages, but a final deal hinges on resolving key terms, with post-war governance of Gaza still to be negotiated.

The drama stemming from President Yoon Suk Yeol's martial law declaration continues to unfold, with authorities arresting the impeached leader today as part of a growing insurrection investigation against him. Yoon, who claims that the probe is illegal, faces questioning by the country’s Corruption Investigation Office after over 3k police officers launched an arrest operation at his presidential residence. (Reuters | AP | BBC | Bloomberg)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Compass Capital subsidiary Bonyan could secure approval today from the EGX’s listing committee to temporarily list its shares on the EGX’s main market.
• There’s good news for those who have imported cars collecting dust at the country’s ports, as the Egyptian Customs Authority (ECA) has begun procedures to release the roughly 30k vehicles currently stranded at the country’s ports that violated previous personal import or disabled-accessible vehicle import regulations.
• Made-in-Egypt Geely autos should soon start rolling off the assembly lines, with a new factory set up with the Chinese auto giant’s local partner Auto Mobility set to launch “within hours.”

☀️ TOMORROW’S WEATHER- The weather in the capital will continue its cool streak with highs of 23°C before dipping into a chillier low of 13°C in the evening.