Good afternoon, friends. The day is off to a calmer than usual start as we start counting down to the weekend.

THE BIG STORY TODAY-

Pickalbatros had a busy year expanding across Morocco: Egypt-based hospitality group Pickalbatros Hotels & Resorts acquired four hotels in Morocco this year, pushing its portfolio in the country to seven hotels and 2.6k rooms, CEO Kamel Abou Aly told Asharq Business without disclosing the value of the acquisitions.

The new additions: The new additions to the company’s portfolio include Sangho Club, Palmeraie Palace, and the Hotel Du Golf all of which are in Marrakech as well as Palais des Roses in Agadir. Some of the hotels will undergo renovations and reopen their doors next year, Abou Aly added.

Remember: The group first let us in on its plan to expand in Morocco last year, when Abou Aly said the group will invest USD 140 mn through 2025 to increase its hotel capacity.

THE BIG STORY ABROAD-

It’s a mixed bag in the international press this afternoon: The Financial Times is out with a report on European Commission President Ursula von der Leyen naming the commission’s new top team for her new five-year term, giving key industrial and economic roles to more interventionist countries like Spain, Italy, and France in a bid to boost the EU’s lagging competitiveness. Meanwhile, Reuters is out with the latest on former President Donald Trump’s second assassinationattempt — the suspect may have been lurking in the bushes for nearly 12 hours at the Republican presidential candidate’s golf course, putting the US Secret Service under renewed scrutiny.

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

  • A whole lot of Saudi investments incoming: Saudi Crown Prince Mohammed bin Salman announced that he has directed Saudi’s Public Investment Fund to invest USD 5 bn in Egypt as part of the “first phase” of a larger program of investment.
  • SMEs are getting a slew of tax incentives as part of new tax reform: A new package of tax incentives for SMEs aimed at helping small businesses grow and easing the administrative burden of monitoring them are soon to be released as part of the government’s new tax reform package.
  • More local real estate players are looking at the Saudi market: Tatweer Misr and Mountain View are working towards becoming the latest Egyptian real estate companies to enter the Saudi market.

☀️ TOMORROW’S WEATHER- We expect to see a high of 34°C in the capital tomorrow and a low of 23°C, according to our favorite weather app.

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