A new ship scrapping and recycling project at Damietta Port

Good afternoon, friends. This issue is packed with local and international news, which show no signs of letting up as we inch closer to the weekend.

THE BIG STORY TODAY

Egypt’s first ship scrapping and recycling project takes off: El Wehda Industrial Development Company signed an MoU with The Holding Company for Maritime and Land Transport to establish a new ship recycling project at Damietta Port, spanning 2 mn sqm, according to a Transport Ministry statement. The project, which is set to be the first of its kind in the Arab region and Africa, will recycle large, medium, and small ships, construct new vessels, and handle ship repairs for vessels up to 400 m long. The project also aims to produce 1.5 mn tons of scrap annually within five years, reducing reliance on imported scrap and supporting the local steel industry.

THE BIG STORY ABROAD

Syria’s new interim prime minister Mohammed al Bashir hopes to rebuild Syria despite brutal FX rates and financial distress. Speaking to Italy’s Il Corriere della Sera, al Bashir acknowledged their poor financial standing, but promised to relieve mns of refugees and provide basic services to the Syrian population. Following Bashar al Assad’s fall, the EU has halted admitting displaced Syrians into their countries, giving refugees no option but to return home. But al Bashir remains determined to end his time in office — with a self-imposed deadline of 1 March — with Syria under better circumstances.

But Israel has given Syria no moment of reprieve, striking the country 500 times in the two days since Assad’s departure, with the aim of seizing and occupying Syrian land while the country tries to recover.

In the meantime, Syrian civilians are desperately search for loved ones who were forcibly disappeared by the Assad regime, likely thrown into torture camps. Forensic examiners have been trying to catalogue those who were killed in the inhumane prison network to help families identify their missing relatives. (Reuters | CNN | NYT)

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

• Inflation decelerates for the first time since July: Annual headline urban inflation dropped a full percentage point from the month before to 25.5% in November.
• Africa50 has another Egypt acquisition in its sights: Raya Holding’s board of directors has voted to preliminary approve an offer from African infrastructure investment platform Africa50 to acquire a 42.9% stake in Raya IT subsidiary Raya Data Center for USD 15 mn.

☀️ TOMORROW’S WEATHER- We’re expecting consistent weather in the capital tomorrow, with the mercury maintaining the high of 24°C and dipping one degree lower at night to reach 14°C, according to our favorite weather app.