Good afternoon, all, and happy almost-Thursday. We have started counting down to one of the last weekends of this summer season.

THE BIG STORY TODAY

Al Ismaelia has a plan to expand Downtown’s hotel capacity: Cairo-focused real estate firm Al Ismaelia for Real Estate Investment wants to invest some EGP 300 mn to set up two new hotels and EGP 50 mn to develop a number of hotel apartments in Downtown Cairo, CEO Karim Shafie told Al Borsa. The company plans to start working on the projects early next year and have them ready before the end of 2025, he added. The projects will add a combined 120 units to the area’s hotel capacity.

Who’s paying? The company has secured a EGP 145 mn loan from the European Bank for Reconstruction and Development to fund the project, with tranches to be distributed through 2025.

THE BIG STORY ABROAD

The global front pages are yet to shift their attention from the Obamas at the DNC: The first Black president and one of the most popular political figures in the US, respectively, Barack and Michelle Obama’s endorsement of Kamala Harris on the second night of the Democratic National Convention (DNC) continues to captivate the foreign press. The former president said the US is “ready for a new chapter” with Harris, but acknowledged the tight presidential race ahead.

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

  • Electricity price hikes for the industrial sector are just around the corner: The government is set to hike electricity prices for the industrial sector for the first time in four years on the back of record-high electricity production costs.
  • Saudi Arabia is increasingly looking towards Egyptian construction companies: Saudi Arabia’s National Housing Company is set to launch a limited tender for Egyptian construction companies to bid on USD 200 bn worth of housing and infrastructure projects in the kingdom.
  • Import restrictions on non-essential goods could be on their way out: The Central Bank of Egypt has signaled that it could ease import restrictions on all non-essential goods after requesting banks to list import requests.

☀️TOMORROW’S WEATHER- The mercury is peaking in Cairo at a high of 37°C before simmering to a low of 27°C by nightfall, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with highs of 32°C and lows of 24-25°C.

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