Good afternoon, friends. Welcome to the start of a fresh new workweek — we hope your first day back after a long weekend hasn’t been too jarring.

THE BIG STORY TODAY-

Midar Investment and Urban Development is in preliminary discussions with Saudi real estate investor Sumou Holding over a potential acquisition, a government source told EnterpriseAM. The potential acquisition of the state-affiliated developer behind Mostakbal City could reportedly be worth USD 3.5 bn, Al Arabiya reported citing a source it says has knowledge of the matter.

Midar? The developer, whose backers include state-backed heavyweights Banque Misr, the National Bank of Egypt, the National Investment Bank, and Arab Contractors, is behind two major urban projects east of Cairo, Mostakbal City and Mada City, spanning a combined 11k acres near the new capital.

Sumou is no stranger to Egypt, or Midar for that matter. It was announced just last month that Midar and Sumou Holding, via its subsidiary Adeer International, are part of a consortium looking into setting up a USD 1 bn Downtown Cairo redevelopment project. The same consortium is also working on hospitality and leisure projects along the Nile in Cairo and in Midar-developed new cities with investments of USD 2 bn. The two are also in discussions for Sumou's first real estate fund in Egypt, expected to roll out in 1Q 2026.

THE BIG STORY ABROAD-

It’s a busy afternoon in the global press, with all eyes on Gaza as the ceasefire appears to hold.

Dozens of trucks carrying aid are reportedly entering Gaza through the Rafah border with Egypt, in line with the implementation of the ceasefire agreement’s first phase. While a surge in aid is yet to be achieved, major media outlets are reporting an increasing number of aid trucks. At least 600 trucks are needed daily to address the ongoing hunger and medical humanitarian crisis according to the UN. Thousands of Palestinians have begun moving north along the coast of Gaza to return to their homes. (BBC | Guardian | CNN | Reuters)

MEANWHILE- Following Trump’s threat to slap China with a 100% tariff, Beijing pledged countermeasures against the United States. “If the US persists in acting unilaterally, China will resolutely take corresponding measures to safeguard its legitimate rights and interests,” a spokesperson for China’s Commerce Ministry said earlier today. (CNN | Bloomberg)

ALSO- Afghanistan said it killed 58 Pakistani soldiers and wounded 30 following firefights between the two countries overnight. The attack comes in retaliation for Pakistani airstrikes last week, the country’s Defense Ministry said. Border crossings with Afghanistan were closed earlier today, according to Pakistani officials cited by Reuters. (Reuters | Associated Press | Financial Times)

enterprise

*** It’s Inside Industry day — your weekly Sunday briefing of all things industrial in Egypt. Inside Industry explores what it takes to turn Egypt into a manufacturing and export powerhouse, ranging from initial investment and planning through to product distribution, land allocation, industrial processes, supply chain management, labor, automation and technology, inputs and exports, and regulation and policy.

In today’s issue: We’re taking a look at new investment windows across 28 priority sectors announced by the Industry Ministry in a bid to bolster local manufacturing.

☀️ TOMORROW’S WEATHER- We’re in for mild weather tomorrow, with temperatures in the capital reaching a high of 29°C before further cooling down to 17°C, according to our favorite weather app.

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