Happy Monday, wonderful people, and welcome to the 500th issue of EnterprisePM. We first began writing to you at the end of your workday just a little over two years ago, and we’re honored to continue writing to each of you today.

** SO, WHEN DO WE EAT? We’ll be breaking our fasts at 6:14pm CLT today. You have until 4:14am tomorrow morning to hydrate and grab a bite to eat.

THE BIG STORIES TODAY

#1- OC + Engie + Toyota Tsusho reach financial close on Gulf of Suez wind farm: The consortium of Orascom Construction, Engie, and Toyota Tsusho has reached financial close on its 500 MW wind farm in the Gulf of Suez near Ras Ghareb, according to a joint statement (pdf). The Japan Bank for International Cooperation (JBIC) will provide non-recourse financing for the project, along with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale, and the European Bank for Reconstruction and Development. HSBC Egypt is the working capital bank and onshore security agent.

#2- Kuwait Investment Authority wants to up its stake in AAIB: The Kuwaiti sovereign wealth fund is reportedly studying the prospects of buying an additional stake in the Arab African International Bank (AAIB) which would make it the lender’s largest shareholder, Al Borsa reports, citing unnamed sources it says are in the know.

THE BIG STORY ABROAD

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

  • Gig-Egypt could soon be AIG Egypt’s largest shareholder: Gig-Egypt is on course to acquire at least 95% of AIG Egypt after the latter’s largest shareholder agreed to sell its stake in an upcoming mandatory tender offer (MTO) approved by the Financial Regulatory Authority.
  • Big Two state-owned banks introduce new CDs: Banque Misr and the National Bank of Egypt are issuing two new high-interest certificates of deposit (CDs) following the central bank’s 200-bps rate hike last Thursday.
  • Does Aldar want in on Heliopolis Housing’s Heliopark project? Emirati real estate giant Aldar Properties is interested in co-developing Heliopolis Housing and Development’s (HHD) Heliopark project.

? CIRCLE YOUR CALENDAR-

PSA #1- Start planning the next run of holidays:

  • 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 #2- 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- Hydrate well during sohour — we’re getting another warm day tomorrow. Our favorite weather app tells us to expect a daytime high of 33°C and a nighttime low of 15°C.

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