Good afternoon, friends, and happy hump day. We’re getting ready to wind down for the week, but it seems the news cycle isn’t following suit.

THE BIG STORY TODAY-

📍Arabia Developments has launched a EGP 30 bn mixed-use tower compound in the New Capital, dubbed KOR, according to a statement (pdf) from the real estate developer. The 110k-sqm development includes seven towers — two residential towers, four administrative towers, and a hotel. The first phase of the roughly USD 627 mn project has been under construction already for six months and is scheduled for delivery in 2029, which will include administrative offices and residential units.

The details: Each tower is 21 floors-high, offering a total of 3.5k units. The project will also feature social clubs, co-working space, as well as a commercial area with stores and restaurants. It is also targeting 40% lower operating costs and zero carbon emissions, in addition to incorporating smart mobility features such as EV charging and bike-sharing stations.

What they said: “We believe that this project is not just a real estate development, it is an integrated platform combining innovation, technology, and sustainability, to present a living model for smart cities that supports urban advancement and enhances the quality of living, work, and entertainment in the New Capital,” Arabia Developments Founder Tarek Shoukry said.

THE BIG STORY ABROAD-

🌐 The news cycle isn’t showing any signs of slowing down in what’s shaping up to be a particularly politically-charged week. US and Russian officials are set to resume their meetings in Abu Dhabi this afternoon to discuss the US-brokered plan to end the war in Ukraine. The US envoy is led by Army Secretary Dan Driscoll, and the meetings include top military officers from both countries, with US State Secretary Marco Rubio and other US negotiators not attending. The meeting follows an overnight strike exchange between Russia and Ukraine, which left six dead in Ukraine and three dead in Russia.

The meeting in Abu Dhabi comes just days after the Geneva talks, which saw “solid results” by its conclusion, according to Ukrainian President Volodymyr Zelenskyy, following preliminary tension about what Ukraine and its EU allies saw as major concessions to Russia. A meeting between Trump and Zelenskyy is also reportedly in the works. (Guardian | Financial Times | Reuters | BBC | CNN | ABC | Wall Street Journal | Politico)

OVER IN THE BUSINESS PRESS- Nvidia stocks fell over 3% pre-market earlier today after reports of Meta’s possible pivot to Google’s AI chips. Alphabet stocks were up 4% pre-market at the time of publication. (CNBC | Bloomberg)

ALSO- Saudi Arabia is set to open new alcohol stores amid easing restrictions, according to sources cited by Reuters. Of the reported outlets, one will be open in a compound owned by oil giant Aramco in Dhahran, serving non-Muslim foreign staff. (Reuters)

☀️ TOMORROW’S WEATHER- We’re in for another cool day in the capital tomorrow, with temperatures reaching a high of 24°C and a low of 16°C, according to our favorite weather app.

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