Good morning, friends. We’ve got another busy issue for you today, with a rundown of all you need to know about the Labor Act passed in the House yesterday (it’s not exactly friendly to private businesses), a look at next fiscal year’s budget, and a vote of confidence in the domestic economy as DPI takes over management of VC firm Nclude. And that’s just for starters, so let’s jump right in.

PSA-

Banks will be off on Sunday and Monday for Coptic Easter and Sham El Nessim, before opening their doors on Tuesday, 22 April.

ICYMI- The public and private sectors are getting Monday, 21 April off for Sham El Nessim, Thursday, 24 April off for Sinai Liberation Day, and Thursday, 1 May off for Labor Day.

WEATHER- Sunny skies are forecast for Cairo today, with a high of 26°C and a low of 16°C, according to our favorite weather app.

The sun is also out in Alexandria, with a high of 23°C and a low of 15°C.

** DID YOU KNOW that we cover Saudi Arabia and the UAE?

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WATCH THIS SPACE-

#1- Egypt hopes to attract some USD 4 bn in new Kuwaiti investments this year — part of a wider USD 6.5 bn target through the end of 2026, Asharq Business writes, citing two government officials as its sources. The fresh capital would be directed toward sectors including auto manufacturing, tourism, banking, real estate, pharma and medical equipment, renewables, logistics, infrastructure, agriculture, telecoms, petrochemicals, food, transport, roads, and ports.

Golden License treatment for Kuwaiti projects? All incoming Kuwaiti projects will be granted golden licenses immediately, one of the sources said, mirroring Prime Minister Moustafa Madbouly’s pledge to Saudi investors earlier this week.

The news follows President Abdel Fattah El Sisi’s trip to Kuwait as part of a GCC tour that also saw him stop by Qatar for discussions with senior officials and business leaders on regional issues and economic cooperation. During a meeting between El Sisi and Kuwait’s Emir Sheikh Mishal Al Ahmad Al Sabah, Kuwait teased its investor appetite for our IT, real estate, banking, pharma, energy, agriculture, and industrial sectors, according to a joint statement.

#2- 500 MW of the 650 MW Ras Ghareb wind farm is now online, after the completion of its 194 MW second phase, according to a cabinet statement. The local-international consortium implementing the project — consisting of Orascom Construction, Engie, Toyota Tsusho, and Eurus Energy — will bring the remaining 150 MW online in June.

The 500 MW milestone puts the project six months ahead of schedule, said Orascom Construction in a statement (pdf)

HAPPENING TOMORROW-

It’s almost time for CBE to make its interest rates decision, and the consensus seems to be that the central bank’s Monetary Policy Committee will cut rates when it meets tomorrow, according to economists and analysts recently polled by EnterpriseAM. Most are pencilling in a 200 bps cut, with some saying the cut could be as large as 300 bps.

HSBC’s Simon Williams expects a cut of 200 bps tomorrow, although he cautioned in a note earlier this week that “the decision to start the easing cycle will be close.”

Global volatility could weigh heaviest in the MPC’s decision: A slight uptick in food prices in March compared to the month before (thank you, Ramadan) and the potential impact of subsidy cuts (where the Madbouly government hiked fuel prices 15% last weekend) will be on committee members’ minds. But Williams cautions that “central bank concerns over global market volatility may prove to be a more significant constraint on policy action.”

Williams sees the EGP’s recent dip against the USD as “modest and orderly” and notes that “the increase in system-wide foreign assets during Q1 gives Egypt room for maneuver.” Still, the central bank is “highly sensitive to signs of FX strain, particularly given the feed through to sentiment and inflation expectations. At a time of such market uncertainty, this could yet prompt the MPC to stay its hand.”

THE BIG STORY ABROAD-

No end in sight to the ongoing trade war: US President Donald Trump has floated yet more tariffs, this time on the critical minerals supply chain, for which he ordered a probe that could lead to the introduction of tariffs down the line.

The goal? To reduce imports of critical minerals — particularly from China, which dominates the industry — and boost local production for a sector that has big implications on defense capabilities, infrastructure development, and tech ambitions.

The good news is: Tariffs on critical minerals would be separate from country-specific tariffs, which could ultimately mean…. lower tariffs. (Financial Times | Bloomberg | Reuters)

Still reeling from earlier curbs: Nvidia, which said it will take a USD 5.5 bn hit this quarter on the back of new barriers on its exports to China. Its shares fell 6% in after-hours trading, dragging Nasdaq futures down 1%. (FT | CNBC | Bloomberg)

*** It’s Hardhat day — your weekly briefing of all things infrastructure in Egypt: Enterprise’s industry vertical focuses each Wednesday on infrastructure, covering everything from energy, water, transportation, and urban development, as well as social infrastructure such as health and education.

In today’s issue: We look at Egypt’s hotel chain development pipeline.

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