Good afternoon, folks. What started out as a pretty wild week has now calmed as we get ready for a well-deserved weekend. So, let's kick off what is hopefully a much more chilled out end to the week.

THE BIG STORY TODAY

Wind and solar aren’t the only points of focus of the government’s energy strategy: The government has reportedly finished studies for two pumped storage hydropower projects with a combined capacity of 2 GW, Asharq Business reports, citing an anonymous government official. The projects — which could cost up to USD 2.5 bn — are planned for Luxor and Qena. The Electricity Ministry plans to offer these projects to investors in the near future, the source told the news outlet.

Déjà vu? The news follows reports from last week that the Electricity Ministry plans to carry out USD 4 bn worth of hydroelectric power projects in partnership with private players. Among these projects, is another pumped storage hydropower project in Egypt’s mountainous Ataka region with a capacity of 2.4 GW.

THE BIG STORY ABROAD

In a pretty slow news day, the world's press are getting to know Kamala Harris' newly tapped running mate: Minnesota governor Tim Walz has been the subject of a flood of media attention since his candidacy was announced yesterday — and the potential VP has stood up well to the scrutiny. Here are some out-of-left-field facts we’ve compiled about the new would-be VP.

People love his midwestern dad vibes: Walz’s seeming ordinariness has endeared him to many, and his resume — which includes years spent as a high school teacher and American football coach — has further affirmed his “everyday Joe” energy.

He’s called into question JD Vance’s pheasant-shooting abilities: Walz, a former National Rifle Association darling who moved sharply to the left on guns in 2018, hunts pheasants and turkeys in his home state of Minnesota. He also clearly backs his abilities, telling CNN “I guarantee you he can’t shoot pheasants like I can” of Republican VP candidate JD Vance.

He’s been quiet on Gaza: While Walz has largely kept his head down on Gaza, his appointment over virulently pro-Israel Pennsylvania governor Josh Shapiro — another one of the final contenders for the VP position — is an indication that Harris may well plan to pivot from Biden’s destructive policy toward the ongoing Israeli offensive on the enclave.

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

  • Our first look at Kouchouk’s policies: Finance Minister Ahmed Kouchouk held his first presser since becoming FinMin to give us a glimpse of the results of the fiscal year 2023-2024 and let us in on his strategy moving forward.
  • Foreign reserves continue their ascent: Net foreign reserves edged up by USD 105mn in July to just under USD 46.5 bn, surpassing the previous record high of USD 46.4 bn recorded in June.
  • GASC launches its largest ever wheat tender: State grain buyer GASC yesterday launched a tender for up to 3.8 mn tons of wheat for import over a seven-month period, marking its largest tender to date.

☀️ TOMORROW’S WEATHER- Mercury is peaking at a high 38°C before simmering to a moderate low of 26°C by nightfall, according to our favorite app. Sahel and Alexandria are seeing cooler weather, with a high of 33-34°C and a low of 23-26°C

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