{"id":659066,"date":"2025-01-21T00:00:00","date_gmt":"2025-01-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/21\/500-turkish-garment-manufacturers-eye-egypt\/"},"modified":"2025-01-21T00:00:00","modified_gmt":"2025-01-21T00:00:00","slug":"500-turkish-garment-manufacturers-eye-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/21\/500-turkish-garment-manufacturers-eye-egypt\/","title":{"rendered":"500 Turkish garment manufacturers eye Egypt"},"content":{"rendered":"

Good morning, friends, <\/strong>and a happy hump day to you all \u2014 assuming you\u2019re not part of the lucky few getting Thursday off from their work, despite the government pencilling in<\/a> Saturday as our national holiday to mark National Police Day and the 2011 revolution. Whether you got the day off or not, EnterpriseAM Egypt will be landing in your inbox Sunday to Thursday to keep you up to speed.<\/p>\n

PSA-<\/p>\n

<\/a> That annoying part of your house or office that for some reason never has phone signal<\/strong> may no longer be an issue<\/strong>, as WiFi calling services went live<\/a> for all four of Egypt\u2019s mobile operators yesterday. The new service<\/a> \u2014 which will charge the same rate as it would for regular calls \u2014 is being touted as an important step in helping fix coverage gaps in dense neighborhoods and high rises by letting mobile phone users make calls over internet connections, rather than via mobile networks.<\/p>\n

You can enable the function on your phone in just a few clicks<\/strong>, by heading over to Mobile Service in Settings and turning on the function for iPhone users. And it\u2019s pretty much the same for Android users throughout its various interfaces, with the option under Advanced Calling or Call Settings depending on the device you have. <\/p>\n

\n

\n

WEATHER- Remember to have your umbrellas at the ready if you\u2019re planning on being <\/strong>out this evening in Cairo<\/strong>, with light-to-moderate rain forecast, along with a high of 23\u00b0C and a low of 21\u00b0C, according to our favorite weather app.<\/p>\n

Alexandria<\/strong> is also in store for some moderate rain \u2014 and also thunder<\/strong>, with temperatures reaching a high of 21\u00b0C and a low of 12\u00b0C.<\/p>\n

We\u2019re also in line for another foggy morning in most parts of the country<\/strong>, so take care on the roads on the way into work, the Egyptian Meteorological Authority warned<\/a>.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Around 500 Turkish garment manufacturers expressed interest in investing in Egypt<\/strong> last year<\/strong> with the total proposed investments amounting to around USD 5 bn, head of the Federation of Egyptian Industry\u2019s apparel chamber Mohamed Abdel Salam told Al Arabiya<\/a>.<\/p>\n

Some 50 Turkish companies have already taken steps to move their operations over to <\/strong>Egypt<\/strong> by setting up companies here and submitting requests for land, Abdel Salam told the outlet. The companies invested around USD 150 mn in Egypt last year, but their investments could reach at least USD 500 mn after setting up their planned factories, Abdel Salam said.<\/p>\n

Another 200 of the interested companies would set up shop \u201cwithin a few months<\/strong>\u201d if land<\/strong> in industrial zones near Cairo were made available<\/strong>, Abdel Salam claimed.<\/p>\n

\n

\n

<\/a> #2- The country\u2019s <\/strong>first SPAC to hit the EGX<\/a><\/strong> is gearing up for a mega capital hike via<\/strong> private placement<\/strong>, with Impact investor Catalyst Partners\u2019 special purpose acquisition company Catalyst Partners Middle East having requested approval for the move from the bourse, the EGX said in an announcement (pdf)<\/a>. The blank check company wants to raise its authorized capital 20x to EGP 1 bn, up from EGP 50 mn, while bumping its issued and paid-up capital to EGP 235 mn, up from EGP 10 mn. The off-market transaction will be limited to qualified investors. <\/p>\n

The plan to issue 22.5 mn shares will fund its growth plans and help it meet regulatory<\/strong> requirements,<\/strong> including expanding the company\u2019s shareholder base to at least 50 and increasing the amount of share in freefloat to 5%. The SPAC will funnel proceeds from the sale into its acquisitions while supporting its acquired companies\u2019 growth. <\/p>\n

HAPPENING TODAY- <\/p>\n

<\/a> It\u2019s day two of Davos:<\/strong> World leaders, banking sector titans, and global private sector players are in Switzerland this week for the World Economic Forum Annual Meeting<\/a> being held from 20-24 January. This year the meeting is being held under the title Collaboration for the Intelligent Age and will focus on five main points \u2014 rebuilding trust, reimagining growth, investing in people, safeguarding the planet, and industries in the intelligent age.<\/p>\n

Madbouly is in attendance:<\/strong> Prime Minister Moustafa Madbouly headed to Davos yesterday to partake in the meeting, according to a cabinet statement<\/a>. Madbouly will participate in panels and meet with Arab and foreign government officials as well as representatives from global firms on the sidelines of the meeting. <\/p>\n

Al Mashat takes the stage today:<\/strong> Planning and International Cooperation Minister Rania Al Mashat will be on stage today, alongside Pakistani Finance Minister Muhammad Aurangzeb and others for a session titled Back into the Black: How to Ease the Debt Burden<\/a>.<\/p>\n

\n

POLL WATCH-<\/p>\n

<\/a> Growth will speed up to a 4.0% clip in the current fiscal year<\/strong> as economic reforms in cooperation with the IMF continue to put the economy back on track, a Reuters poll<\/a> of 19 economists forecast found. The forecast puts growth increasing 1.6 percentage points on an annual basis and in line with the newswire\u2019s last two quarterly polls.<\/p>\n

The economists who spoke to Reuters are a little more optimistic than the IMF and World<\/strong> Bank<\/strong>, who this week scaled down their forecasts<\/a> for the 12-month period. The World Bank cut its last forecast<\/a> 0.7 percentage points to 3.5%, while the IMF winded down its growth expectations<\/a> 0.5 percentage points to 3.6%.<\/p>\n

But they\u2019re in agreement with the government\u2019s current projections<\/strong>, as the Planning Ministry projects GDP growth of 4.0%<\/a> for the fiscal year as private sector reforms and gradual economic recovery continue to make their mark.<\/p>\n

Some, including Capital Economics\u2019 James Swanston, think that a weaker EGP is helping <\/strong>give the economy a boost<\/strong>, telling the newswire that survey data indicates that a depreciated national currency \u201chas started to benefit export-oriented industries via improved external competitiveness.\u201d<\/p>\n

The poll\u2019s forecasts for the coming fiscal years are also more optimistic than most<\/strong>, with the median poll pencilling in 4.7% growth in FY 2025-26, marking a substantial step up from the World Bank\u2019s 4.2% and IMF\u2019s 4.1% forecasts.<\/p>\n

Other notable forecasts:<\/strong> Analysts expect the EGP to weaken to 52.0 against the USD by June 2025 and 54.75 by June 2026. Headline inflation is forecast to cool to 20.4% in FY 2024-2025 and 12.4% the following fiscal year. The central bank\u2019s lending rate is expected to fall to 24.0% by June 2025 and 17.75% by mid-2026.<\/p>\n

\n
\n
\n
\n

Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n

THE BIG STORY ABROAD-<\/p>\n

Nothing but The Donald on the front pages this morning<\/strong>, as he took the oath as the 47th US president last night. Donald Trump promised to bring back America\u2019s \u201cgolden age\u201d before a big crowd, with the world's richest people taking front seats, including Elon Musk, Jeff Bezos, Mark Zuckerberg, Bernard Arnault, Sergey Brin, and Miriam Adelson.<\/p>\n

Trump stuck to his words to be a dictator on his first day in office<\/strong>, revoking some 80 of Biden\u2019s policies, issuing executive orders left and right (mostly to the far-right), and sending warnings to neighbors and trade rivals.<\/p>\n