Good afternoon, folks, and a happy Wednesday

THE BIG STORY TODAY-

DP World to spearhead new capital freezone? Dubai’s state-owned port operator DP World has agreed to study the possibility of developing a freezone in the new administrative capital under an MoU inked with the New Administrative Capital for Urban Development (ACUD) and the General Authority for Investment and Freezones (GAFI), according to a cabinet statement out earlier today.

What we know so far: The proposed project will span 500 feddans owned by ACUD and will focus on key industrial sectors, including electronics, automotive, fast-moving consumer goods, garments, and footwear. The MoU states that the parties involved will shortly kickstart technical and feasibility studies, ahead of inking the official contracts for the new project.

THE BIG STORY ABROAD-

The world’s press is once again split between the Israeli aggression in the region and the fast-approaching US presidential election, now just over five days away.

In our corner of the world, Israel is signaling that its hoping to end its war on Lebanon by the end of the year with Israeli Finance Minister Smotrich — notorious for his often genocidal comments — telling reporters that 2025 “will not be a year of war, it will be a year of exiting the war.” A US delegation with a ceasefire proposal will reportedly land in Israel to negotiate a 60-day pause to the fighting to put together an agreement that would see Hezbollah withdraw from the border areas and up the number of UN peacekeepers stationed in southern Lebanon.

But it’s hard to feel optimistic given Israel’s double-talk about ceasefires in Gaza, with the country being accused by mediating nations — including the US and Egypt — of deliberately obstructing agreements with unrealistic demands. Talk of the country wanting to up the presence of UN peacekeepers in southern Lebanon is also a surprise to some, given the country’s numerous attacks on deployed UN troops over the last few weeks.

WHILE OVER IN BUSINESS NEWS- Volkswagen’s income nosedived 64% y-o-y in 3Q, as appetite in China for cars — and particularly German cars — fell in the auto giant’s most recent earnings release. The release “highlights the urgent need for significant cost reductions and efficiency gains,” group CFO and COO Arno Antlitz said in an accompanying press release.

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

  • Egypt Gas to help supply natural gas to Jordan’s Aqaba: State-owned Egypt Gas will partner with Jordan’s Aqaba Development Corporation (ADC) to set up a natural gas supply network for Quweira Industrial Zone in Aqaba.
  • Sumitomo’s Tenth of Ramadan factory to go live next month: Japanese conglomerate Sumitomo subsidiary Sumitomo Electric is putting the finishing touches on its cable factory in Tenth of Ramadan, with production set to begin next month before an official opening in 1Q 2025.
  • Introducing Vezeeta Lab: Digital healthcare platform Vezeeta has launched a newinnovation hub — dubbed Vezeeta Lab — to develop the company’s presence at home and abroad, in addition to developing new services.

☀️ TOMORROW’S WEATHER- It’s getting cooler and cooler with a high of 27°C and a low of 19°C in the capital tomorrow, according to our favorite weather app.

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