Good afternoon, wonderful people. It seems that the news lull we predicted has proven false. Today’s issue is packed with local, international, and cloud-based news, and a couple of recommendations if you’re enjoying a night in.

THE BIG STORY TODAY-

Chinese steelmaker Wu’an Xin Feng has a plan to set up a USD 1.65 bn integrated industrial complex in the SCZone, which is planned to house nine factories and create 8k jobs, according to an Industry Ministry statement. The first phase will include four factories for automotive brake components, household appliance parts, standard fasteners, and hot-rolled steel coils, while the second phase will add five more factories, producing automotive parts made from aluminum and magnesium alloys, construction machinery components, and cold-rolled steel coils.

THE BIG STORY ABROAD-

Natural disasters — instead of man-made ones — lead the world’s press this afternoon, with news that potentially thousands have been killed after Cyclone Chido hit the French territory of Mayotte in the Indian Ocean. The category four storm — said to be the worst cyclone to hit the island since 1934 — has left Mayotte’s healthcare and infrastructure in tatters and ripped through the territory’s shantytowns. French authorities say that some 800 medical personnel will arrive to aid the survivors. (Reuters | CNN | Guardian | NPR)

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

  • Oliv has secured Egypt’s first digital factoring license from the Financial Regulatory Authority. The move will see Oliv leveraging the government’s e-invoicing infrastructure to bring a fresh product to the underserved SME financing market this week.
  • Egypt’s first SPAC is gearing up for its first acquisition. Impact investor Catalyst Partners’ SPAC, Catalyst Partners Middle East (CPME) is looking to acquire digital lending marketplace Qardy through a full or partial share swap.
  • The gov’t laid out the 23 industries that it’s looking to localize, adding that the state is offering incentives and facilities to attract investments into these selected sectors.

☀️ TOMORROW’S WEATHER- Temperatures in the capital tomorrow will maintain this week’s chill, with expected highs of 22°C and low of 12°C at night, according to our favourite weather app.

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