THIS EVENING: Japan’s Yazaki signs land agreement for Fayoum factory

Good afternoon, friends, and welcome back. We hope you’re all easing back into the flow of a new workweek, and that the new reality of rolling blackouts isn’t proving to be too much of a disturbance.

THE BIG STORY TODAY

Yazaki signs land allocation agreement for Fayoum auto parts factory: Japanese auto parts maker Yazaki has signed a land allocation agreement for its planned USD 30 mn factory to manufacture wire harnesses for vehicles, according to a Local Development Ministry statement. The project — which will be the first fully foreign factory in the governorate’s first freezone — was awarded a golden license last December.

THE BIG STORY ABROAD

Alleged Ukrainian drone attack on Moscow and the Crimea is leading the conversation in the international press, as the Kremlin blames Kyiv for the drone strike that they address as a terrorist attack. Meanwhile, Ukraine has not claimed responsibility for the drone strike that hit a non-residential building and a military warehouse near the Black Sea coastline. BBC | Associated Press | CNBC | The Wall Street Journal have more on the story.

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

• The blackouts are back as Egypt swelters: The state-owned Egyptian Electricity Holding Company (EEHC) said Saturday that it will continue regular power cuts in response to pressure on the country’s electricity network triggered by the current heatwave.
• Electrolux is selling off its assets + brands in Egypt: Electrolux, Europe’s biggest home appliances maker, will sell its factories and brands in Egypt as part of its global “reprioritization” plans.
• We just got a first look at how the economy performed last year: The Egyptian economy grew at a 4.2% clip in FY 2022-23.

MARK YOUR CALENDARS- The Enterprise Finance Forum is taking place on 18-19 September at the St. Regis Hotel in Cairo. This flagship forum is the latest in our must-attend series of invitation-only, C-suite-level gatherings that allow senior members of our community to openly and frankly discuss critical issues in key sectors of the economy.

TAP OR CLICK HERE if you want to express interest in attending. We’ll be sending out the first batch of invitations soon.

Do you want to become a commercial partner? Ping a note to Moustafa Taalab, our head of commercial, or fill out this form and we’ll be in touch.

STAY TUNED for more detail about our agenda.

DID YOU MISS THE ENTERPRISE EXPORTS AND FDI FORUM? Tune in to the Enterprise Podcast and listen for yourself : The Enterprise Podcast is back with another installment of our forum series, where we bring you audio recordings of what was said on stage at the Enterprise Exports and FDI Forum, which took place in May.

WANT TO LISTEN? Head to: Apple Podcast | Spotify | Google Podcast | Anghami. We’re releasing a new episode every Sunday morning.

IN THIS WEEK’S EPISODE- We ask some of the biggest multinationals and suppliers operating here — namely, in logistics, e-commerce, and FMCG — what it is they’re looking for in a local partner, product or service and what are some of the pain points they’ve had to cope with. We were joined on that panel by Khaled Morsy, CEO of DB Schenker Egypt, Omar Elsahy, General Manager at Amazon Egypt, Tarek Kame l, Chairman and CEO of Nestlé Egypt and Sudan.

☀️ TOMORROW’S WEATHER- The heat will continue as the mercury will read a 40°C high and drop to 27°C come nighttime, our favorite weather app tells us.