Good afternoon all you wonderful people, and welcome to the weekend. We have a packed issue for you ahead, so without further ado, let’s jump in.

THE BIG STORY TODAY

#1- GM launches locally assembled Chevrolet Optra 2025: General Motors Egypt has launched the production of Chevrolet Optra 2025 model at its factory in Sixth of October City, the company said in a statement today. The company has invested over USD 20 mn in local production capabilities with the addition of new equipment and error-proofing technology “to cater to the new passenger car program to ensure further safety and quality,” the statement read.

#2- Energy giant Chevron is set to begin drilling its second exploratory gas well in the Narges field next month, Asharq Business reports, with production pencilled in for late 2026. The announcement follows the completion of Chevron’s first exploratory gas well in the Narges field, which is estimated to contain 2.5 tn cbf of extractable gas.

THE BIG STORY ABROAD

News from Gaza continues to dominate the int’l headlines this morning, as euphoric celebration of a ceasefire agreement between Israel and Hamas has given way overnight to a sense of apprehension and unease as Israeli strikes continue in Gaza and Israeli PM Benjamin Netanyahu threatens to put off a critical vote on the incipient agreement.

Israel is stalling on implementing the ceasefire: Netanyahu, who has long played the role of spoiler in ceasefire negotiations, is now claiming that Hamas has gone back on several key tenets of the agreement, with the PM threatening to put off convening Israel’s cabinet — scheduled to meet today to certify the agreement — until Hamas “has accepted all elements of the agreement.” The ceasefire — set to come into effect on Sunday — has been rejected by two of Netanyahu’s coalition parties, which have called for the continuation of hostilities. (Reuters | Financial Times | Associated Press)

AND IN BUSINESS NEWS- TikTok is set to wrap up its US operations on Sunday, barring any last-minute retraction of a ban on the social media site set to take effect that day.

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

  • Organi Group is looking to invest USD 1 bn in the automotive and tourism sectors by 2030, with plans to add 20k rooms to its hotel portfolio and up its auto exports to 30k cars on the back of the recent inauguration of its jointly owned assembly plant.
  • ENR and Italy’s Salcef partner to revamp railway infrastructure: Salcef Track, a new JV between the Egyptian National Railways (ENR) and Italy’s Salcef Group, will oversee the development, renewal, and maintenance of Egypt's railway infrastructure over the next 25 years.
  • A USD 50 mn Turkish textile investment: Turkey’s Katia & Bony will soon be launching sock manufacturing operations in Egypt with investments of USD 50 mn.

☀️ TOMORROW’S WEATHER- Some sunny spells are expected in the capital tomorrow morning with highs of 23°C before dipping into a chilly low of 13°C.

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