Egypt and China sign five agreements during Xi Jinping’s visit to Cairo

Good afternoon, folks, and happy almost-weekend. It’s a busy day on the newsfront, both at home and abroad, and we’ve got the latest below. We’re also looking at the tayyibat diet: how a system that tells you to eat Nutella and skip your insulin shots managed to accumulate mns of followers. Elsewhere today: We have a review of a debut novel that unpacks what happens when a family is forced to reckon with long-kept secrets. Plus, everything happening on the pitch tonight.

First up, the news…

THE BIG STORY TODAY-

📍 Agreements are stacking up around Chinese President Xi Jinping’s visit to Cairo this week. President Abdel Fattah El Sisi and President Xi Jinping oversaw the signing of five formal agreements and MoUs, plus over 20 additional cooperation documents, Al Ahram reports.

The five headline agreements include an MoU on cooperation priorities under Egypt’s Vision 2030 and China’s Belt and Road Initiative, an economic and technical cooperation agreement, an MoU on industrial and supply chain cooperation, an MoU on information technology cooperation between Communications Minister Raafat Hindi and Chairman of the National Development and Reform Commission (NDRC) Zheng Shanjie, and an MoU between the Suez Canal Economic Zone Authority and China’s Commerce Ministry. The 20 additional documents cover technology, finance, the digital economy, transport, and media.

^^We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

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THE BIG STORY ABROAD-

🌐 One story continues to dominate the front pages this afternoon as the US-Iran lull comes to an end. Following a barrage of missiles launched by the US yesterday, Tehran is going full throttle in retaliation, launching drone attacks on US targets throughout the Middle East in Jordan, Bahrain, and Kuwait, ignoring US President Donald Trump’s warnings. Kuwait and Jordan have reportedly responded to the Iranian attacks — Amman says it intercepted 13 ballistic missiles, with no deaths or injuries reported. US bases in Kurdistan, Iraq, have reportedly also been targeted by the IRGC, according to Iranian media.

Tehran’s rapid retaliation follows reported US strikes on a wedding in the south of the country, which killed at least four people — including a child — and left over 50 injured, according to the Iranian Red Crescent. Iranian Parliament Speaker Mohammad Bagher Ghalibaf called Washington “the great Satan” following the attack. The US military claimed it was not targeting civilians.

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

IN RELATED NEWS- It appears that Russia has been covertly helping Tehran develop advanced supersonic missiles, enlisting the aid of some of Moscow’s most experienced missile experts, according to a Financial Times investigation. The program, called C430L, reportedly aims to develop systems that would aid in protecting Tehran from ship- and land-launched cruise missiles, the salmon-colored paper writes.

^^Read more on: The Financial Times.

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

• The New Urban Communities Authority is moving to a competitive, digital system for allocating investment land, gating access behind track-record and solvency tests. The change comes under a decree that takes effect for plots offered starting yesterday, 1 September;
• The EGX30 eked out a modest 2.66% gain in August, closing the month at 54.9k points, with every sector finishing in the green. Foreign investors swung back to net selling after July’s brief turn to net buying. The EGX70 climbed 14.6% and the EGX33 Shariah Index rose 8.9%, outperforming the benchmark gauge;
• Orascom Pyramids Entertainment (OPE) will seek arbitration against the Supreme Council of Antiquities over what it says is a breach of its exclusive contract to manage, operate, and develop services at the Giza Pyramids. OPE will also suspend new investments at the site until the dispute is resolved, including planned additions to its bus fleet and new construction.

☀️ TOMORROW’S WEATHER- Expect more of the same conditions in the capital tomorrow, with hazy sunshine and a high of 36°C, before temperatures drop to a clear 25°C overnight, according to our favorite weather app.