Good afternoon, folks, and once again, congratulations on making it to the weekend — you’ve earned some rest. It’s a busy day at home and abroad, and we’ve got the latest below. Elsewhere in today’s issue: we take a look at a peer-reviewed paper that tracks Egypt’s care economy, its erosion over the decades, and why it matters. And, if you’ve had a long week — we’d wager that’s the case — The Sheep Detectives is exactly the kind of film that gets your mind off things without veering too far into ludicrous territory, despite the premise. We’ve got the full review below.

Without further ado, the news…

THE BIG STORY TODAY-

📍 Two vessels caught fire at Damietta Port after a drone strike yesterday, the cabinet confirmed in an updated statement earlier today. “After the relevant authorities conducted preliminary investigations into the incident, it was determined that the fire was caused by a drone. No party has claimed responsibility for the incident,” the statement reads. The cabinet added that it is taking “the necessary measures to safeguard Egypt’s interests and national security.”

The Oil Ministry’s initial statement had confirmed the fire but made no mention of its cause — emergency teams contained the blaze across a regasification vessel and a storage vessel. No injuries or fatalities were reported. Damietta Port Authority maintains that the port is operating at full efficiency, with normal operations underway. There is no mention of the condition of the two vessels.

**We’ll have any updates on this story in Sunday’s edition of EnterpriseAM.

The EnterpriseAM Egypt Forum is back — and this year, we’re giving the full day to the one question on every business leader's mind: What does AI actually mean for your company, your people, and your own job?

Leaders in New York, London, Abu Dhabi, and Singapore are asking the same things, and nobody has built a playbook that works yet. We're all figuring it out in real time — and for Egypt, the stakes are unusually high.

Egypt could leapfrog a generation on the back of this technology — or watch AI hollow out the industries and jobs we can't afford to lose. The leaders who get literate early will be the ones who get to decide which road we take.

Every session on stage answers one question: “So, what do I actually do about it?”

Join us on 5 October in Cairo. Seats are limited and attendance is by invitation only.

Request your invitation here.

THE BIG STORY ABROAD-

🌐 Dominating the digital newsfront this afternoon is a fresh round of US-Iran strikes as Washington retaliates against Tehran’s earlier missile attacks by targeting the Islamic Revolutionary Guard Corps (IRGC) command centers and drone facilities, where Iran’s state media reports that three IRGC members were killed. The IRGC threatened further escalation, saying it “will punish the aggressor today” and reasserting “full control” over the strait. The US retaliation follows President Donald Trump’s threat to forcibly respond to Iran’s earlier attacks. The attack sent oil prices soaring.

^^Read more on: Bloomberg, CNN, BBC, and CNBC.

IN THE BUSINESS PRESS- Meta is losing ground with investors as skepticism grows over its AI-focused vision. Following lackluster 2Q results, the company’s stock plunged roughly 9% in pre-market trading today. The social media giant reported just USD 784 mn in freecash flow, down 91% from a year ago, as its AI spending binge reached a cumulative USD 145 bn. Meanwhile, Microsoft posted stronger-than-expected 4Q revenue results for its 2026 fiscal year, sending its stock 9% higher in pre-market trading as investors pointed to strong returns on the company’s USD 190 bn investment in data centers and accelerating Copilot adoption.

^^Read more on: CNBC, The Financial Times, and Reuters.

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

• The race for BP’s West Nile Delta: UAE-based Dragon Oil, US private equity firm Carlyle Group, Mediterranean-focused Energean, and London-based Artemis Energy are among the groups expected to submit bids for BP’s offshore West Nile Delta gas assets. Offers are due by the end of the week, though their size and terms remain unclear;
• The planned Real Estate Developers Federation is expected to classify developers, assigning rankings that would potentially shape the scale of projects they are qualified to undertake. That step could filter out undercapitalized players — though it could also entrench the market’s largest companies if its rules leave no credible path for newer firms to move up;
• Mortgage finance companies can now pool funding for the same high-value property purchase after the Financial Regulatory Authority permitted “participatory financing,” allowing multiple lenders to split a single financing ticket. The move gives companies with smaller capital bases room to fund pricier units they couldn’t underwrite alone;
• The Arab Energy Fund wants a fifth of Maridive. Riyadh-based Arab Energy Fund (previously known as the Arab Petroleum Investments Corporation) plans to submit a non-binding offer for 20% of EGX-listed offshore services group Maridive & Oil Services at a preliminary USD 0.65-0.72 per share. The offer is subject to due diligence and regulatory and internal approvals.

☀️ TOMORROW’S WEATHER- Well, it’s not getting any cooler. Temperatures in the capital tomorrow are set to peak at a searing 39°C, with an overnight low of 26°C. Across the North Coast, expect a humid high of 32°C to kick off the weekend, with a low of 23°C, according to our favorite weather app.