Good afternoon, friends. It’s a calm day on the news front, and we’ve got a rather brisk issue for you today.

THE BIG STORY TODAY-

A Gulf sovereign fund is set to announce a new Ras Shukeir project, with a focus on infrastructure and energy development, according to a Finance Ministry report seen by EnterpriseAM. Geopolitical tensions in the region had delayed the finalization of the project agreement initially planned for the end of the previous fiscal year, but negotiations are expected to conclude shortly, a government source told EnterpriseAM.

REMEMBER- The agreement — the first in a series linked to the 174 sq km Ras Shukeir zone on the Red Sea — will back local sovereign sukuk issued by the Finance Ministry, with proceeds earmarked for reducing public debt.

THE BIG STORY ABROAD-

It’s another quiet afternoon in the business world, with the latest conversations pertaining to Russia and Ukraine continuing to dominate headlines.

US President Donald Trump told Ukraine to throw in the towel on efforts to join Nato or reclaim the Crimean Peninsula — which Russia illegally annexed in 2014 — ahead of his meeting with Zelenskyy and European leaders later today to reach a peace agreement. “[Zelenskyy] can end the war with Russia almost immediately, if he wants to,” Trump wrote on Truth Social. (Reuters | CNN | Guardian)

☀️ TOMORROW’S WEATHER- As The Weather Girls once said, temperatures are rising. The mercury is set to peak at 38°C in Cairo tomorrow, before cooling down to 25°C. Across the North Coast, things are cooler with a high of 30°C and a low of 26°C, according to our favorite weather app.

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