Good afternoon, friends, and happy hump day. It’s another busy day here in Om El Donia as the news flow shows no sign of slowing down.

THE BIG STORIES TODAY-

Al Ahly CIRA to set up four new international university models in Egypt under a newly-signed agreement with the Sovereign Fund of Egypt, according to a statement from the cabinet and a joint statement (pdf) from the participating parties.

International expertise: The universities will be established in collaboration with global educational institutions from Canada, Switzerland, Germany, and the US, with the specific partners set to be announced once cooperation agreements are finalized.

Talaat Moustafa unveils its first North Coast project: Talaat Moustafa Group announced its first project on Egypt’s North Coast, a 23-mn square meter project with investments of around EGP 1 tn (c. USD 21 bn), the company said in an EGX disclosure (pdf).

People are already lining up for a piece of the new development: The project, dubbed SouthMed, garnered a record EGP 60 bn worth of reservations in the first twelve hours of booking prior to the project’s official sales launch. The company sees the development generating sales surpassing EGP 1.6 tn, ultimately contributing EGP 2.4 tn to the Egyptian economy and creating 1.6 mn new jobs.

THE BIG STORY ABROAD-

All eyes on France’s parliamentary elections: France’s far-right Rassemblement National (RN) party would form a new government even if it fails to secure a majority following the run-off vote on 7 July, the party’s leader Marine Le Pen told a local radio station today. RN would look for allies to achieve a majority, Le Pen explained. The party last week took the first round of the snap two-round general election and is widely expected to notch the top spot again on Sunday. In the meantime, opponents of RN are intensifying efforts to prevent the party from rising to power, with over 180 candidates confirming that they have withdrawn from Sunday’s round to consolidate the anti-RN vote. (Financial Times | Reuters)

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

  • We got our first LNG shipment for the season: The government received the first of a number of anticipated LNG shipments at the Ain Sokhna port yesterday.
  • Volkswagen seems keen on proposed shared auto production facility: German carmaker Volkswagen is interested in helping develop a shared production facility in the East Port Said Industrial Zone.
  • Egyptian-made elevators? The Arab Organization for Industrialization and Talaat Moustafa Group will work to localize elevator manufacturing under a framework agreement inked with Swiss elevator and escalator manufacturer Schindler.

☀️ TOMORROW’S WEATHER- Expect another hot day tomorrow in the capital city, with the mercury rising to 39°C and dipping to 23°C.

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