Good afternoon, friends, and welcome to a fresh new workweek. It seems that we’re not the only ones chugging to a start — the news cycle is having a slow day as well.

THE BIG STORY TODAY

Speedy approvals for golden license holders all. Government entities will soon be required to issue all necessary approvals for investment requests electronically within 20 working days, the same time frame granted to golden license holders, according to a statement by the General Authority for Investment and Freezones, citing CEO Hossam Heiba. The change will be included in the draft of the new Companies Law, he added.

The move will benefit startups in particular, “as they had previously been the most affected by the long duration and complexity of establishment processes compared to larger, higher-value companies that could better withstand delays,” Heiba said.

THE BIG STORY ABROAD

Dominating the headlines today is Russia’s latest attack on Ukraine — one of the most extensive aerial bombardments since the war began. Russia fired more than 590 drones and some 50 missiles at targets across Ukraine in the early hours of Sunday morning, killing at least four people and injuring dozens more. The Ukrainian air force said that their defenses intercepted 568 drones of the 593-595 launched, as well as 48 of 50 fired missiles during the sustained 12-hour assault.

The capital Kyiv bore the brunt of the attack, which targeted both civilian and infrastructure sites, leaving at least four killed and over 40 injured, according to local officials. At least 83 more people were wounded in other regions of the country. (Bloomberg)

Zelenskyy calls for international action: Ukrainian President Volodymyr Zelenskyy condemned the timing of the assault, noting that it came as the UN General Assembly week was concluding, and called for “a strong response from the United States, Europe, the G7, and the G20.” The attack underscored Ukraine’s allegedly feeble defense systems — though Zelenskyy revealed that it recently received an air defense system from Israel and expected two more from Germany. (Reuters)

Russia’s Defense Ministry claimed the strikes targeted military-industrial facilities and that 42 Ukrainian drones were intercepted overnight. Just hours earlier, Russia’s Foreign Minister Sergei Lavrov told the UNGA that any aggression against Moscow would meet a “decisive response,” but was quick to add that Russia “never had and does not have” any intentions to attack Nato or EU countries. (CNN)

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

☀️ TOMORROW’S WEATHER- Expect the hottest day of the week tomorrow — if only marginally — with the mercury set to rise to 34°C in the capital before cooling to 22°C at night, according to our favorite weather app.

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