Egypt Edition 
UAE 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Climate (MENA) 
Share Issue
Good afternoon, all. We have a relatively quiet newsday so far, led by real estate news on the home front and Canada’s federal election globally.
THE BIG STORY TODAY-
TMG confirms multi-bn USD Iraqi project: Real estate giant Talaat Moustafa Group (TMG) is in advanced negotiations with the National Investment Commission of Iraq to establish a 14 mn sqm sustainable mixed-use project in southwest Baghdad, it said in a disclosure (pdf) to the EGX. The disclosure adds color to reports we previously picked up — commission Vica Chairman Salar Mohamed Amin had told regional outlets that TMG is in negotiations to build a USD 10 bn administrative city in Baghdad.
The details: The project will house around 45k mixed-use units. It is set to generate an estimated USD 17 bn in total sales and an annual recurring income exceeding USD 1.5 bn per year upon completion. TMG expects to receive the land for the project from Iraqi authorities by the end of the year.
THE BIG STORY ABROAD
The foreign press is still zeroing in on Canada’s federal election: Canadian Prime Minister Mark Carney’s Liberal Party secured a victory in Canada’s federal election on Monday in what is projected to become the party’s fourth consecutive term in office. While the counting of ballots is ongoing, the party appeared to win a minority of seats in the 343-member House of Commons, setting the stage for a minority government. This outcome would require them to seek support from opposition parties to pass legislation and maintain power.
It was a sharp turnaround for the Liberals — and Trump was largely behind it: Carney’s party had been trailing until US President Donald Trump imposed sweeping tariffs on Canada and suggested the country should be annexed as the 51st US state. The inflammatory remarks triggered a wave of nationalist sentiment across the country, leading voters to rally behind the Liberals. “Trump is trying to break us so America can own us. That will never ... ever happen,’’ Carney said in his victory speech. (Bloomberg | Associated Press | Washington Post)
Get Enterprise daily
The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.
☀️ TOMORROW’S WEATHER- Brace for unpredictable weather tomorrow — the Egyptian Meteorological Authority has issued warnings of strong winds, dust storms, and possible rain. The mercury is set to rise to 32°C throughout the day before dropping to 17°C at night, according to our favorite weather app.
