Good afternoon friends and Happy Hump day. The news cycle is picking up with some privatization proposals as we come closer to the end of the month.

THE BIG STORY TODAY

Gov’t showcased more than 150 investment opportunities to Saudi investors during the Egypt-Saudi business forum that wrapped up yesterday, head of the Trade Ministry’s Commercial Representation Authority Yehia El Wathek Bellah told Al Arabiya.

An influx of Saudi investments have been announced this week: Units of Saudi Arabia’s Fawaz Abdulaziz Alhokair Company (Alhokair) could invest as much as USD 1.5 bn in Egypt in 2024, while Al Lami Holding Group and Batterjee are eyeing separate investments worth more than a combined USD 500 mn in our tourism, real estate, and pharma sectors. More Egypt-bound Gulf investments are set to be unveiled in the next couple of days as the EGY-GCC Business Forum kicks off tomorrow.

THE BIG STORY ABROAD

There are three main stories leading the conversation in the international news outlets: New Argentinian president-elect Javier Milei is pledging to freeze relations with China, despite it being one of their most prominent trading partners, says CNBC. Milei wants to cut all ties with “communist” regimes, but Beijing isn’t having it, as their Foreign Ministry Spokesperson, Mao Ning, warned that “it would be a huge foreign policy mistake”. Hamas and Israel are reportedly close to reaching a “truce agreement,” Hamas leader, Ismail Haniyeh said in a statement on Telegram, tells us Bloomberg. The talks suggest that there would be a pause in the fighting in exchange for freeing hostages. Sam Altman’s OpenAI might lead to a potential staff mutiny: More than 90% of OpenAI employees threatened to quit if the board doesn’t resign and Altman is not reinstated — pushing management to reach out to the former CEO, the new interim CEO Emmett Shear, and the board to try and dispel the unrest. (Bloomberg | Financial Times | Wall Street Journal)

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

  • Two high-profile Saudi investors are separately eyeing investments and acquisitions in Egypt that could together be worth north of half a bn USD, their leaders said yesterday in Cairo. The top execs of Al Lami Group and Batterjee Holding were in town as part of a visiting Saudi business delegation.
  • The building reconciliation act has finally got the green light: The Madbouly government’s new building reconciliation bill earned the House’s seal of approval after first getting committee approval nearly two years ago.
  • Shoukry, Arab ministers press for ceasefire in Beijing: China’s top diplomat yesterday reiterated its call for an immediate ceasefire in Gaza during talks with a delegation of Arab and Muslim officials in Beijing, calling it a “matter of life and death” for the Palestinian people. China is “firmly on the side” of Arab and Islamic countries in the conflict, Chinese Foreign Minister Wang Yi told the multi-country delegation.

⛅ TOMORROW’S WEATHER- The clouds will be re-emerging during the day as the mercury rises to 25°C at its peak and chills to 17°C in the evening, according to our favorite weather app.

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