Good afternoon, friends. We are kicking off the week with all eyes on the region following a major fire exchange between Israel and Hezbollah.

THE BIG STORY TODAY-

Israel and Hezbollah exchange heavy fire in “the biggest exchange of fire between them since they fought a 34-day war in 2006.” Israel carried out what it said was a pre-emptive attack on Hezbollah sites in southern Lebanon, striking Lebanon with around 100 warplanes that took out thousands of rocket launchers. Hezbollah responded by launching hundreds of rockets and drones at Israel targeting 11 army barracks and military sites in northern Israel, in what it said was the start of its retaliation for the killing of its commander on 30 July at the hands of Israeli forces. An Israeli military spokesman said that Israel’s operation in Lebanon is “over for now,” while Hezbollah said that the rest of its retaliation would take “some time.” (Bloomberg | Financial Times | Associated Press)

Egypt warned against escalations and emphasized the need to maintain stability in Lebanon to avoid a state of “total instability” in the region, according to a statement from the Foreign Ministry.

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

  • EU funds are coming our way: The Madbouly cabinet had a busy Thursday, approving a long list of decisions, most notably pre-agreed upon funding from the EU, including EUR 1 bn in macro-financial assistance.
  • Madbouly talks energy, taxes during latest presser: Prime minister Moustafa Madbouly touched on several issues during his weekly press conference, including energy supplies, tax reforms, among other key issues.
  • Locally-made Proton Saga to come: Malaysian automaker Proton will start locallyassembling its Saga model in early 2025 with the aim of producing some 25k units between the start of manufacturing and end of 2027.

enterprise

*** It’s Inside Industry day — your weekly briefing of all things industrial in Egypt. Inside Industry focuses each Sunday on what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning to product distribution, through to land allocation to industrial processes, supply chain management, labor, automation and technology, inputs and exports, regulation and policy.

In today’s issue: We breakdown the past, present, and future of Chinese investments in Egypt.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at a high of 38°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 31-33°C and lows of 24°C.

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