Good afternoon, folks, and welcome to the almost-weekend. We are starting to wind down, matching the news cycle’s pace and the cooling weather.

THE BIG STORY TODAY-

?Qatar will invest USD 29.7 bn — not a typo — to develop the Gulf nation’s much anticipated North Coast project through an agreement between the the Qatar Investment Authority-owned Qatari Dair and New Urban Communities Authority (NUCA), a government source told EnterpriseAM. The project along the Mediterranean in the Alam El Roum area will reportedly include upscale residential areas, marinas, touristic amenities, and even schools, universities, and government buildings.

Diar will pay USD 3.5 bn for the land and contribute USD 26.2 bn in in-kind investments to develop the project. The project is part of a wider USD 7.5 bn direct investment package from the Gulf nation, which also includes a USD 3.5 bn direct investment into a Red Sea project between Diar and Marriott-owned hospitality chain St. Regis.

Good news for the state coffers is also good news for our upcoming reviews with the IMF, as the lack of continued sizable foreign direct investments has been brought up by the Fund as a sticking point preventing it from greenlighting the fifth and sixth reviews of the country’s USD 8 bn loan program. The whole USD 3.5 bn will be sent to the central bank in the coming days and NUCA will receive 15% of the revenues from the project moving forward.

The government is preparing for the big reveal tomorrow, when the media assembles for the official singing and announcement of the project.

THE BIG STORY ABROAD-

? One story leading the global press this afternoon is Zohran Mamdani’s sweeping victory in the New York mayoral race. The 34-year-old democratic socialist candidate has become New York City’s youngest mayor in over a century — and the first Muslim to hold the position. Mamdani secured over a mn votes, the first to do so since 1969. “Tonight we have spoken in a clear voice, hope is alive,” the mayor-elect said in his victory speech amid a roar of applause. Addressing US President Donald Trump directly, Mamdani added: “To get to any of us, you will have to get through all of us.”

Following the mayor-elect’s victory, Trump posted a cryptic message on Truth Social: “And so it begins.” Earlier, Trump warned he would cut federal funding for New York City if Mamdani defeated former governor Andrew Cuomo, who ran as an independent after losing in the primaries.

Mamdani’s victory wasn’t the only W for Democrats last night, with Abigail Spanberger securing the gubernatorial race in Virginia and Mikie Sherrill achieving the same in New Jersey. The Democratic upset mirrors the growing disapproval of US President Donald Trump’s administration amid a government shutdown that has now reached a record 36 days. (CNN | BBC | Reuters | Guardian | Financial Times | Associated Press)

☀️ TOMORROW’S WEATHER- We’re in for slightly cooler weather in the capital tomorrow, with the mercury set to peak at just 29°C before cooling down to 20°C, according to our favorite weather app.

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