Good afternoon, folks. It’s a busy day in the region, and the news cycle is doing its best to catch up.

THE BIG STORY TODAY-

Chinese automaker maker Jinbei has signed a local assembly agreement with its sole agent in Egypt, Jinbei Royal Egypt, Jinbei Royal Egypt Chairman Khaled Saad said at a press conference today attended by EnterpriseAM. Assembly will be carried out at Ezz Elsewedy Automotive Factories’ Sixth October facilities, with an initial output target of 3k light trucks in the first phase.

Diesel-powered vehicles will be followed by the assembly of full electric vehicles, which will be supported by the Renault Brilliance Jinbei Automotive subsidiary’s desire to establish a regional hub for the assembly of its vehicles. The Chinese company wants to develop green production capabilities in Egypt connected to the Belt and Road initiative that will be able to export to neighboring countries, the director of the Chinese light commercial vehicle-focussed brand said.

We could see more investments from Jinbei soon, with the company planning to expand investments in Egypt to meet local demand while positioning the country as an export platform, the company official added. The company will also seek to expand the local component ratio used in assembly, especially for EVs.

There’s certainly demand for trucks in Egypt, with sales up 180.6% y-o-y in August, according to figures from the Automotive Marketing Information Council (AMIC) seen by EnterpriseAM. On a monthly basis, truck sales also saw a solid 26.2% increase to 3.1k units from the month before.

THE BIG STORY ABROAD-

All eyes are on the Middle East this afternoon, with Trump’s visit to Israel getting top billing. All 20 living Israeli hostages have been released by Hamas, the Israeli public radio reported. The release of Palestinian prisoners is now underway as part of the first phase of the ceasefire agreement.

The US president touched down in Israel ahead of his address to the Knesset this afternoon and is expected to head to Egypt later today for the Gaza Summit in Sharm El Sheikh. Earlier today, a statement by the spokesperson for the Egyptian presidency confirmed Israeli Prime Minister Benjamin Netanyahu’s attendance of the summit, which was later cancelled. An updated statement noted Netanyahu’s absence on account of religious holidays.

Trump was received with a standing ovation at the Knesset. The US president was then praised by Speaker of the Knesset Amir Ohana, Prime Minister Netanyahu, and opposition leader Yair Lapid, all of whom noted how Trump’s loss of the Nobel Peace Prize came as a shock. Trump was then awarded with the Israel Prize, an award given to those who “contribute strongly to Israeli culture,” becoming its “first non-Israeli recipient,” Netanyahu said. Earlier today, Egyptian President Abdel Fattah El Sisi announced that Trump will be awarded the Order of the Nile — the country’s highest state honor. (CNN | BBC | Reuters | Guardian | Financial Times | New York Times | CBS)

☀️ TOMORROW’S WEATHER- It’s more of the same in the capital tomorrow, with temperatures set to peak at a cool 29°C before dropping to 16°C, according to our favorite weather app.

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