Good afternoon, wonderful people. The Ramadan news slowdown is very real, as we’re learning on the third work day of the holy month.

SO, WHEN DO WE EAT? We’ll be breaking our fasts tonight at 6:10pm and Fajr prayers are at 4:22am tomorrow.

*** HAVE YOU CHECKED OUT OUR NEW WEBSITE?We launched our brand new websitelast week — take a look here. It’s beautiful, loads fast, and packs lots of new features, including deep dives into topic pages, story tags to let you follow the issues and companies that matter most, and an audio feature to listen to — instead of read — our issues. If you have a suggestion (or a bug report) hit reply to this email.

THE BIG STORY TODAY

New (and easier) visa rules for tourists coming to Egypt? Egypt is rolling out several new rules to simplify the visa process for tourists visiting the country, including introducing visas on arrival for Chinese tourists and allowing Indian visitors who already have a residency in a Gulf country or a valid US visa to enter Egypt, Tourism Minister Ahmed Eissa said at a presser earlier today, according to Asharq Business. The ministry is also looking at introducing a visa on arrival option for Iranian and Turkish tourists, Eissa said.

THE BIG STORY ABROAD

First Citizens BancShares is taking over Silicon Valley Bank’s (SVB) deposits and loans for USD 500 mnin equity appreciation rights under an agreement with the Federal Deposit Ins. Corporation (FIDC). Under the agreement, First Citizens Bank will acquire assets worth USD 110 bn, USD 56 bn deposits, and USD 72 bn in loans. And more help could be on the way as authorities consider increasing emergency loan facilities following the lender’s collapse earlier this month which sent shock waves across global banking. But while things are potentially looking up — with SVB customers gaining access to their deposits and a number of stocks starting the new week higher — fears of contagion still hold sway across the board and questions arise over credit crunches, tightened lending, and inflation.

The story is dominating the front pages of the international business press this afternoon: Reuters | New York Times | CNN Business | Bloomberg | CNBC

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

  • Giza Systems’ new Saudi owners are planning an acquisition drive: Giza Systems is looking to invest up to USD 40 mn to acquire new companies this year in the wake of its acquisition by Saudi data firm Solutions by STC.
  • Calls for price controls on building materials: Lawmakers have called on the government to introduce price controls on building materials amid a recent surge in prices.
  • Amazon Payment Services has landed a contract to provide payment services for an Egyptian mobile network operator, with Banque Misr as the online payments acquirer.

🗓 CIRCLE YOUR CALENDAR-

PSA- Start planning next month’s holidays now:

  • Coptic Easter falls on Sunday, 16 April;
  • Sham El Nessim is on Monday, 17 April;
  • Eid El Fitr should land on or around Friday, 21 April (it’s still not clear what days will be official holidays);
  • Tuesday, 25 April, is Sinai Liberation Day, for which we’ll likely have a day off on Thursday, 27 April.

PSA- Need funding for a green project? You can now apply to the second round of the Smart Green Projects Initiative until the end of May, according to a Planning Ministry statement. Eligible projects must use technology solutions to address environmental issues, present evidence of feasibility or innovation, and provide a written acknowledgement that no awards have been received during the initiative’s first round, among other requirements. You can view the full list of criteria here and apply here.

☀️ TOMORROW’S WEATHER- Make sure to hydrate well at sohour today, because the weather is warming up again tomorrow to peak at 29°C during the day, before cooling to 14°C in the evening.

We are delighted to share with you that the Enterprise Exports & FDI Forum will be taking place on Monday, 15 May at the Four Seasons Hotel at Nile Plaza.

DO YOU WANT TO ATTEND? The first wave of invites is going out soon. If you’re a C-suite exec, exporter, investor, official, banker, or someone who should be part of the conversation, please TAP OR CLICK HEREto request a spot at this exclusive event.

WANT TO SHARE YOUR STORY ON STAGE? Drop a note to Patrick here and let’s talk.

WANT TO BECOME A COMMERCIAL PARTNER? Ping a note to Moustafa, our head of commercial, here.

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