US and Iran trade strikes + death toll rises in Nepal

Good afternoon, friends, and happy end of August. Have you ever walked past a centuries-old monument without giving it a second thought? Today, we look at the Cairo initiative that’s been working since 2012 to make sure that doesn’t happen — restoring domes, running summer camps, and building a community that feels ownership over what surrounds them. Also: Apple TV’s Dark Matter is back for season two, and it demands your full attention.

But first, the news…

THE BIG STORY ABROAD-

🌐 Still getting plenty of ink this afternoon is the latest in the US-Iran conflict, with the two nations trading strikes for the first time in weeks, spreading the confrontation across the Gulf. Following a US attack on two Iranian rocket launchers on Larak Island in the Strait of Hormuz, Iran responded by launching ballistic missiles toward US bases in Jordan and drones toward an airbase in the UAE. Jordan intercepted eight missiles, and the UAE said it shot down an Iranian drone over its territorial waters. The escalation comes as US President Donald Trump claims on Truth Social that Iran’s Kharg Island oil hub was being “blown to smithereens,” without providing further details.

^^Read more on: CNN, BBC, Reuters, The Guardian, and Associated Press.

MEANWHILE- Search and rescue efforts continue in Nepal as the death toll rises to over 919 and the number of people unaccounted for jumps to almost 5k following catastrophic floods in Nepal and China. Nepali authorities are prioritizing searches inside the hydropower tunnels, while China is closely monitoring eight high-risk geological sites near Gyirong Port amid warnings of further rain and rising water levels. Chinese media also warn that surrounding glaciers could collapse as water continues to accumulate.

^^Read more on: Associated Press, BBC, Reuters, CNN, and The Guardian.

The Chinese takeover with Ankush Arora: When Chinese cars first appeared in Egypt around a decade ago, they were met with backlash. Now, they’re everywhere. Why? And how?

On this episode of Making It, Ankush Arora, CEO of Al Mansour Automotive Group, joins Patrick to break down how this happened, and why the pace of adoption is accelerating.

Listen to the episode on: Apple Podcasts | Spotify | Anghami | YouTube

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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• A Saudi-Egyptian consortium is setting up a real estate investment fund, branded Asl, spanning Egypt and KSA. It plans to deploy up to SAR 1 bn (c. USD 266.7 mn) here in its first year, through Asl Holding, with a focus on real estate and hospitality;
• Electricity Minister Mahmoud Esmat is advancing plans to locally manufacture battery energy storage systems and build standalone storage stations totaling 4 GWh, financed in EGP, after meeting Huawei Egypt CEO Benjamin Hou. The two reviewed technical and economic feasibility studies for proposed storage sites on the national grid, along with the terms and obligations needed to start the manufacturing plant. Talks also covered digital transformation, smart-grid solutions, data centers, and upgrades to grid communications, part of the shift from a traditional to a smart grid;
• Newly main market-promoted Future Care for Medical Industries will build a medical-sterilization products factory for up to EGP 100 mn to lift capacity and expand into export sales to the Gulf and Africa. Half the cost will come from the capital increase it carried out to reach the main board, with the rest from financing sources it hasn’t yet named;
• Sodic secured an EGP 7.5 bn medium-term facility from CIB to finance the development and construction of its June project in Ras El Hekma. The 280-feddan North Coast development includes villas, serviced apartments, and a Marriott Tribute Portfolio hotel.

☀️ TOMORROW’S WEATHER- It’s more of the same for tomorrow’s weather, with the mercury set to peak at 36°C under hazy sunshine before dropping to a breezy 25°C overnight. On the North Coast, conditions remain characteristically humid, with a sunny high of 32°C and an overnight low of 23°C, according to our favorite weather app.