Good afternoon, friends, and happy Thursday. The news lull continues this afternoon as we wrap up the work week.

THE BIG STORY TODAY

More renewables on the way: Procedures to install UAE’s Masdar, Hassan Allam Utilities, and Infinity Power ’s solar project — which aims to add 1.2 GW of energy and 240 MW/hour of storage batteries — was approved by the cabinet during its weekly meeting today. The consortium’s proposal to begin studying the possible implementation of a 4-GW solar power plant was also greenlit.

More projects by AMEA Power: In the same meeting, the cabinet also approved the implementation procedures of solar and wind energy projects for UAE’s AMEA Power, and its proposal to set up a storage batteries project.

An effort to end the power crisis: The approvals came as part of the government’s efforts to add more renewable capacities to the grid to end the current power crisis and meet local consumption needs by next summer.

THE BIG STORY ABROAD

The Democratic National Convention, now on its third day, is still headlining international news outlets. As he accepted his vice presidential nomination, US Governor Tim Walz encouraged fellow Democrats to abandon political rivalry and be neighborly towards Republicans, a change of tone from former US presidential candidate Hillary Clinton, who called Trump supporters a “basket of deplorables.” Many figures in the political and public arena attended the convention in a show of support of the running candidates, including the Obamas, Oprah Winfrey, and former US President Bill Clinton. (NYT | CNN)

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

  • No enforced FX withdrawal limits in the works, insists the CBE: “Each bank has the discretion to determine its policy” for FX withdrawals, the central bank said in a statement yesterday following reports that led to online speculation that enforced limits are in the works.
  • Attention, Egypt investors: Our friends at HSBC, together with the Egyptian-British Chamber of Commerce (EBCC) and UK Export Finance (UKEF), will host a webinar next week to discuss how to support infrastructure reforms, potential partnerships in Egypt, and ways to support and connect companies around the world.
  • A sneak peek at the agenda for parliament’s next session: Prime Minister Moustafa Madbouly yesterday presided over a meeting where government officials reviewed the draft laws that will be presented at the parliament’s upcoming session.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo at a high of 36°C before simmering to a low of 26°C by nightfall, according to our favorite weather app. Sahel and Alexandria are seeing cooler weather, with highs of 31-32°C and lows of 24-25°C.

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