Good afternoon folks, and happy Wednesday. Despite a relatively slow domestic news day we have a packed issue for you today, with juicy morsels on ACUD, neo-noir, and the gender wars’ latest front — the “ick.”
THE BIG STORY TODAY
Second phase of new capital’s development to be offered in March: The second phase of the New Administrative Capital’s development will be offered to an international consortium in France in March, Administrative Capital for Urban Development (ACUD) chairman Khaled Abbas told Asharq Business. Abbas also noted that the new capital’s airport will complete its international upgrade in April.
Better late than never: Abbas said last March that ACUD planned to start construction on the second phase of the new administrative capital (NAC) early this year at a cost of EGP 240 bn (c. USD 4.8 bn at the time). ACUD had previously penciled in a 2Q 2024 or 3Q start at the latest, with the second phase originally set to cost over EGP 300 bn.
We haven’t heard much about the project’s second phase since last March, when we got word that three industrial developers had submitted offers for 1 mn sqm plots included in the project’s second phase. ACUD also that month signed a shareholders’ agreement with French IT giant Atos to set up a JV to manage and operate smart tech services in the new capital.
THE BIG STORY ABROAD
The global economy is front and center in the int’l headlines this morning, with news that US president Donald Trump’s administration is finalizing reciprocal tariffs on countries that respond to US tariffs with higher trade barriers of their own, ratcheting up fears of a trade war and higher US inflation. US stock index futures were subdued this morning, as traders awaited the release of January’s US consumer price index (CPI) data later this afternoon. The reading is set to be the last before Trump’s tariffs enter the measure’s calculus, marking the jumping-off point for assessing the impact of Trump’s trade policies in the coming months.
Closer to home, there are more rumblings that the ceasefire between Israel and Hamas may be breaking down. The Israeli government has reportedly remobilized army reservists ahead of a Trump-imposed deadline on Saturday for Hamas to release all Israelis still held by the group. Hamas has not agreed to the Saturday release date, with mediators currently conducting urgent shuttle diplomacy to hammer out a solution before the deadline.
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** CATCH UP QUICK on the top stories from today’s EnterpriseAM:
- Egypt will propose a plan to rebuild Gaza: Egypt plans to “present a comprehensive vision for the reconstruction of the Gaza Strip in a manner that ensures the Palestinian people remain in their homeland and aligns with their legitimate and legal rights.”
- Gov’t to establish two industrial zones in Libya: The government is moving forward with plans to set up two industrial zones in Libya with investments of USD 250 mn.
- USD 130 mn in fresh energy investments? Two consortiums of international energy players are set to invest a total of USD 130 mn over the next five to eight years in drilling 10 oil and gas exploration wells in East Port Said and the Western Desert.
☀️ TOMORROW’S WEATHER- Temperatures are maintaining their recent chillier low this week with tomorrow’s mercury rising to a mere 19°C in the morning before dropping to an even chillier low of 9°C in the evening, according to our favorite weather app.





