Good afternoon, friends, and a happy hump day to you all.

THE BIG STORY TODAY-

Madbouly heads to Saudi to talk investment at the Future Investment Initiative: Prime Minister Moustafa Madbouly departed Cairo this morning for Riyadh alongside Foreign Minister Badr Abdelatty to attend the Future Investment Initiative, according to a cabinet statement out this morning. On the agenda for the conference that runs until Thursday is equitable development, economic stability, AI, climate change, health, and geopolitics.

** You can find out everything you need to know about the forum in a rundown of theevent that EnterpriseAM KSA published today.

THE BIG STORY ABROAD-

The Washington Post has found itself in the center of the news cycle after its decision notto make a presidential endorsement for the first time since 1988. WaPo owner and the world’s second richest man, Jeff Bezos, has argued that his decision to ditch an already written Kamala Harris endorsement from the paper’s editorial board was a “principled decision” to tackle bias and build trust with its readership. Bezos also rebutted claims that the decision stemmed from his desire to curry favor with the Republican nominee in case he wins the election that is just over six days away.

WaPo subscribers have been making their thoughts on the matter known, with over 200k canceling their subscriptions — a roughly 8% share of the paper’s paying readership.

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

  • Another Chinese auto factory in the works: China’s state-owned auto manufacturer BAIC Group has inked an agreement with local agent Alkan Auto to establish an EV factory with the start of production penciled in for the end of 2025.
  • Adeer wants to set up an Egyptian real estate fund: Saudi Sumou Holding Group subsidiary Adeer plans to set up an Egyptian real estate investment fund in partnership with Saudi fund manager Areeb Capital.
  • GCC VCs still have an appetite for Egyptian startups: Egyptian task management and digital workspace startup Taskedin sold a “ strategic stake ” to Saudi VC firm Edafa Venture Capital in a USD seven-figure transaction.

☀️ TOMORROW’S WEATHER- The weather is slowly cooling down this week, with a high of 28°C and a low of 18°C in the capital tomorrow, according to our favorite weather app.

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