Good afternoon, wonderful people. It’s THURSDAY, an occasion made that much sweeter by the fact that we’re ending the first week of Ramadan and the first full workweek of the holy month.

CORRECTION- In this morning’s edition of EnterpriseAM, we incorrectly referred to A Developments — which just landed an agreement with the Sovereign Fund of Egypt to develop the former Interior Ministry HQ in Downtown Cairo — as A Investments. The story has been updated on our web edition.

THE BIG STORY TODAY

National Paints Holding ups its offer for Pachin — again: The UAE’s National Paints Holding (NP) has boosted its offer for EGX-listed Paint and Chemical Industries (Pachin), according to a disclosure to the bourse. NPH is now offering to purchase at least 75% of Pachin for EGP 37.75 per share, up from its previous offer of EGP 36 per share. NPH’s latest bid for the company values Pachin at EGP 906 mn, according to our math.

LATER TODAY- The Central Bank of Egypt’s Monetary Policy is meeting to review interest rates. Six of seven analysts we polled expect the Monetary Policy Committee to hike rates by at least 200 bps as it tries to tamp down inflation and boost FX liquidity amid continued pressure on the EGP. A Reuters poll out earlier this week sees a median forecast 200-bps hike, while seven of 15 pundits surveyed expect a rise of 300 bps.

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

  • Expect more social spending in the FY 2023-2024 budget: The Madbouly government plans to increase spending on food and fuel subsidies in the coming fiscal year as it aims to cushion the impact of soaring inflation on lower-income households.
  • More Gulf investors are reportedly interested in Palm Hills: Unnamed Saudi investors are mulling the acquisition of Arab African International Bank’s (AAIB) 12.9% stake in EGX-listed Palm Hills Developments.
  • Eagle Chemicals’ rival bid for Pachin goes live today: Shareholders of state-owned Paint and Chemical Industries (Pachin) have until market close on 12 April to decide whether sell shares to Eagle Chemicals or National Paints Holding (NPH), which have launched rival mandatory tender offers (MTO) for the EGX-listed firm.

? 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- We’re getting some beautiful weather over the weekend, with daytime highs of 23°C tomorrow and 24°C on Saturday, and nighttime lows of 11°C and 14°C.

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.

Tags: