Good afternoon, friends. It’s another calm day for business news in Egypt as we inch closer to the weekend.

THE BIG STORY TODAY-

Egypt’s first SPAC: Impact investor Catalyst Partners will set up the country’s first SPAC, dubbed Catalyst Partners Middle East, after receiving the greenlight from the Financial Regulatory Authority (FRA), according to a statement. The SPAC will have a month to apply to list on the EGX as per FRA regulations.

THE BIG STORY ABROAD-

Hezbollah launches missile attack on Tel Aviv: The Israeli military said it intercepted a ballistic missile fired by Hezbollah targeting Mossad headquarters in Tel Aviv earlier today. No damage or casualties were reported. The attack comes in response to Israeli attacks on Lebanon that killed around 600 people this week. (Bloomberg | Reuters | New York Times | FInancial Times)

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

  • Investment and Foreign Trade Minister Hassan El Khatib took the stage yesterdayat our EnterpriseAM Finance Forum in Cairo to speak with more than 550 senior members of our community about his priorities going forward.
  • Elsewedy Electric lines up another big-ticket project abroad: Elsewedy Electric is teaming up with Siemens to develop a USD 800 mn power plant in the Red Sea city of Rabigh in Saudi Arabia.
  • New and familiar faces appointed to the reconstituted Specialized Council for Economic Development: Among those appointed by President Abdel Fattah El Sisi to the Specialized Council for Economic Development is former Finance Minister Youssef Boutros-Ghali.

☀️ TOMORROW’S WEATHER- The temperature is still maintaining its much-welcomed cool, with tomorrow seeing highs of 33°C and lows of 23°C in the capital, according to our favorite weather app.

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