Good afternoon, all. It is shaping to be a workweek abuzz with news as we bid farewell to the August news slowdown.

THE BIG STORY TODAY

More renewables projects from Masdar: UAE’s Masdar will set up USD 900 mn solar power plants in Upper Egypt with a combined capacity of 1 GW after the Madbouly government greenlit the move, one government official told Asharq Business. The projects will be built under a build-own-operate (BOO) contract.

What’s next? The final agreements should be signed in October, the source said, adding that Masdar should have the projects up and running and feeding the national electricity grid before the end of 2025.

Masdar is no stranger to the Egyptian market: It is currently working with Infinity Power and Hassan Allam Utilities to set up a USD 11 bn, 10 GW wind farm in Sohag that is set to be one of the largest wind farms globally and the largest in Africa. It is also working with Infinity and the EETC to construct a 200 MW wind farm in Ras Ghareb.

THE BIG STORY ABROAD

Israel retrieves bodies of six hostages in Gaza: Israeli forces have recovered the bodies of six hostages that were found in a tunnel in southern Gaza where they appeared to have been killed not long before they were found. The news caused an uproar in Israel, with the hostages’ families calling for large protests to pressure Israeli Prime Minister Benjamin Netanyahu into accepting the latest US-backed ceasefire proposal to bring about the release of the remaining hostages and a ceasefire in Gaza. Israeli and Hamas officials exchanged blame over the hostages’ deaths. (Bloomberg | Financial Times | Associated Press)

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

  • The country’s net foreign asset surplus expanded a modest 3.5% to USD 13.3 bn in July, up from USD 12.9 bn in June.
  • Preparing for the worst case scenario: The government is working on a number of different plans to ensure the economy stays immune in case of potential escalations of the geopolitical tensions in the region, Prime Minister Moustafa Madbouly said during his weekly presser.
  • All roads lead to Baghdad: Local real estate giant Talaat Moustafa Group said that it is carrying out the legal and technical procedures needed ahead of carrying out investments and projects in Iraq.

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 take a look into state efforts to localize Egypt’s auto industry.

☀️ TOMORROW’S WEATHER- The mercury is peaking in Cairo tomorrow at 36°C before simmering to a low of 26°C by nightfall, according to our favorite weather app.

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