{"id":550851,"date":"2022-05-09T13:12:22","date_gmt":"2022-05-09T13:12:22","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/?post_type=afternoon&#038;p=550851"},"modified":"2025-12-15T23:10:31","modified_gmt":"2025-12-15T23:10:31","slug":"govt-presents-spending-plans-for-next-fiscal-year","status":"publish","type":"afternoon","link":"https:\/\/enterpriseam.com\/egypt\/afternoon\/govt-presents-spending-plans-for-next-fiscal-year\/","title":{"rendered":"Gov\u2019t presents spending plans for next fiscal year"},"content":{"rendered":"<section id=\"550853\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550853\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">1<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT WE\u2019RE TRACKING TONIGHT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/this-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round\/\">\r\n                            THIS EVENING: Maait, El Said present state spending plans for next fiscal year at the House + Paymob closes Egypt\u2019s largest ever fintech series B round                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a 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href=\"https:\/\/api.whatsapp.com\/send?text=THIS+EVENING%3A+Maait%2C+El+Said+present+state+spending+plans+for+next+fiscal+year+at+the+House+%2B+Paymob+closes+Egypt%E2%80%99s+largest+ever+fintech+series+B+round+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Fthis-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/this-evening-maait-el-said-present-state-spending-plans-for-next-fiscal-year-at-the-house-paymob-closes-egypts-largest-ever-fintech-series-b-round\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550853\" class=\"content-area-description single-story post-550853 post type-post status-publish format-standard hentry category-what-were-tracking-tonight tag-enterprisepm tag-hala-el-said tag-house-of-representatives tag-mohamed-maait tag-russia-ukraine-war tag-state-budget tag-vladimir-putin tag-what-were-tracking-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>Happy Monday, wonderful people.<\/strong> It\u2019s shaping up to be a relatively eventful \u2014 and certainly an interesting \u2014 news day as we get into the full swing of budget season and Planet Startup continues to make headlines.<\/p>\n<p><strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>#1- Maait, El Said present state spending plans for next fiscal year at the House:<\/strong> Finance Minister Mohamed Maait and Planning Minister Hala El Said have just wrapped presenting the draft FY 2022-2023 state budget and sustainable development spending plan to the House of Representatives\u2019 general assembly, according to statements (<a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/399042522266174\">here<\/a> and <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/399058135597946\">here<\/a>).<\/p>\n<p><strong>Among the budget highlights:<\/strong><\/p>\n<ul>\n<li>Total spending is expected to rise 15% y-o-y to EGP 2.07 tn;<\/li>\n<li>Revenues are forecasted to come in at around EGP 1.8 tn;<\/li>\n<li>Debt servicing costs are expected to be brought down to 7.6% of GDP, or around a third of the overall budget for the fiscal year.<\/li>\n<\/ul>\n<p><strong>#2- <\/strong><strong>Paymob closes Egypt\u2019s largest ever fintech series B round: <\/strong>Egyptian fintech startup Paymob raised USD 50 mn in a series B round, in what it says is the largest round of its type for an Egyptian fintech firm, the startup announced in a <a href=\"https:\/\/ent.news\/2022\/5\/Paymob-fund-raise-FINAL-9-May-2022.pdf\">statement (pdf)<\/a>. The round was led by <a href=\"https:\/\/koracap.com\/\">Kora Capital<\/a>, PayPal\u2019s global corporate venture arm <a href=\"https:\/\/about.pypl.com\/how-we-work\/paypal-ventures\/default.aspx#:~:text=PayPal%20Ventures%20is%20the%20global,%2C%20and%20crypto%2Fblockchain%20technologies.\">PayPal Ventures<\/a> and <a href=\"https:\/\/clay-point.com\/\">Clay Point<\/a>.<\/p>\n<p><strong>^^We\u2019ll have more<\/strong> on these stories and others in tomorrow\u2019s edition of <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>THE BIG STORY ABROAD<\/strong><\/p>\n<p><strong>Russian President Vladimir Putin compared Moscow\u2019s invasion of Ukraine with the fight<\/strong><strong> against Nazi Germany<\/strong>, in his annual Victory Day speech marking Germany\u2019s defeat in 1945. In a display of military might in Moscow\u2019s Red Square, Putin blamed Western countries and Nato for rejecting security demands, but contrary to predictions, he did not make any declarations of victory or announce new escalation plans. Instead, he said the Russian forces\u2019 military operations were \u201cnecessary, timely and the only right solution,\u201d and that they entered Ukraine as \u201cpreemptive pushback\u201d to what he claimed were Western plans for an imminent attack on eastern Ukraine. The story is front-page news in the international press: <a href=\"https:\/\/www.ft.com\/content\/5bc49171-d535-4234-840d-a70c4fcd3a37\">Financial Times<\/a> | <a href=\"https:\/\/www.nytimes.com\/live\/2022\/05\/09\/world\/ukraine-russia-war-news\">New York Times<\/a> | <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-09\/putin-s-red-square-parade-is-chance-to-show-gains-in-ukraine-war?srnd=premium-middle-east\">Bloomberg<\/a> | <a href=\"https:\/\/www.washingtonpost.com\/world\/2022\/05\/09\/russia-ukraine-war-news-putin-live-updates\/\">Washington Post<\/a><\/p>\n<hr class=\"grey-line\">\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>Oil + wheat spend to rise FY 2022-2023:<\/strong> The Finance Ministry <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e38e4d09-78d7-4b19-811a-800ff6c28a98\">will set oil prices<\/a> at USD 80 a barrel in the FY 2022-2023 budget, coming in at the bottom range of the USD 80-85 a barrel range signaled by Vice Minister of Finance Ahmed Kouchouk last month.<\/li>\n<li><strong>Gov\u2019t eyes 84% debt-to-GDP ratio in FY 2022-23:<\/strong> The Madbouly government <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9a7cf355-691e-47ea-96ef-9dd9e247a046\">wants to bring<\/a> Egypt\u2019s debt-to-GDP ratio down to 84% in FY 2022-2023, marking the first time the debt target for next fiscal year has been revised since the Finance Ministry in January said it hoped to bring the public debt down to below 90% of GDP.<\/li>\n<li><strong>Rate hikes leave gov\u2019t with at least EGP 6 bn in unexpected debt costs:<\/strong> The House Budget Committee <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/97997647-a184-4084-b35b-0516af2a970b\">has approved<\/a> legislative amendments that would unlock an extra EGP 6 bn to help Egypt meet its debt repayments as interest rates rise at home and abroad. <\/li>\n<\/ul>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>A huge US <\/strong><strong><a href=\"https:\/\/www.amcham.org.eg\/events-activities\/missions\/us-business-missions-to-egypt\/36\/May-2022\/222\/about-the-mission\">\u201cGreenTech business mission\u201d<\/a><\/strong><strong> is inbound next week.<\/strong> More than 40 US companies will be in Egypt during 15-17 May to kick the tires on green investment and potential business partnerships in sectors ranging from energy to healthcare, agriculture, aviation, construction and water resource management. The high-level delegation will meet with members of the business community and senior government officials.<\/p>\n<p><strong>The Central Bank of Egypt will meet to review interest rates<\/strong> on Thursday, 19 May.<\/p>\n<p><strong>The last of this season\u2019s earnings releases will drop by 31 May<\/strong> after the Financial Regulatory Authority <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/ce4db9f1-f3dc-4b99-966b-8fd3f4bb5dfc\">granted listed companies<\/a> a two-week deadline extension.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- <\/strong>The mild heat wave continues with the mercury rising to 32\u00b0C during the day tomorrow before falling to 17\u00b0C at night, our favorite weather app tells us.<\/p>\n<hr class=\"grey-line\">\n<p><strong>***<\/strong><br \/> <strong>WE\u2019RE LOOKING FOR SMART, TALENTED PEOPLE to help us build some very cool new things<\/strong>. Today, we run two daily publications, five weekly industry verticals, and a monthly newsletter designed to make our readers feel just a bit smarter.<\/p>\n<p><strong>We have tons more in the pipeline \u2014 come help us build new publications<\/strong>. We offer the chance to work in a fast-paced newsroom on a broad range of topics and in a variety of formats. Our goal is simple: To create value for our growing community of 200k readers by telling stories that matter.<\/p>\n<p>We\u2019re looking for <strong>editors<\/strong> who want to run publications and teams, editors to help reporters craft stories and talented <strong>reporters<\/strong>. Egyptian and foreign nationals alike are welcome to apply. So are job-switchers: If you\u2019re an equities analyst tired of the rat race, we\u2019re a great place to come work.<\/p>\n<p><strong>Apply directly to jobs@enterprisemea.com and mention Patrick in your subject line.<\/strong><\/p>\n<p><a href=\"https:\/\/enterprise.press\/2022\/04\/28\/come-work-us-hiring-reporters-editors-new-existing-products\/\">Or hit this link for more information.<\/a> It\u2019s worth it \u2014 trust us.<br \/> <strong>***<\/strong><\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/hala-el-said\/\">Hala El Said<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/house-of-representatives\/\">House of Representatives<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/mohamed-maait\/\">Mohamed Maait<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/russia-ukraine-war\/\">Russia-Ukraine war<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/state-budget\/\">state budget<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/vladimir-putin\/\">Vladimir Putin<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/what-were-tracking-tonight\/\">WHAT WE\u2019RE TRACKING TONIGHT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550854\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                            \"\r\n            id=\"550854\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/550854\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550854\" class=\"content-area-description single-story post-550854 post type-post status-publish format-standard hentry category-uncategorized wpautop 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href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/can-gene-editing-help-prevent-heart-attacks-covid-19-antiviral-pills-are-still-sparce-in-low-and-middle-income-countries\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/443.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550857\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/can-gene-editing-help-prevent-heart-attacks-covid-19-antiviral-pills-are-still-sparce-in-low-and-middle-income-countries\/443-jpg\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/443.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"443.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/443.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/443.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550856\" class=\"content-area-description single-story post-550856 post type-post status-publish format-standard has-post-thumbnail hentry category-for-your-commute tag-covid-19 tag-enterprisepm tag-for-your-commute tag-health tag-technology tag-world-health-organization wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Can gene editing help prevent heart attacks? <\/strong>Google Ventures-backed biotech player <a href=\"https:\/\/www.vervetx.com\/\">Verve Therapeutics<\/a> claims to be \u201con the cusp\u201d of developing a gene editing tool that can help stop bad cholesterol and prevent heart attacks by emulating genetic mutations linked to low levels of cholesterol, offering them protection from heart attacks, CEO Sekar Kathiresan said, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-05-06\/high-cholesterol-treatment-utilizes-gene-editing?srnd=premium-middle-east\">Bloomberg<\/a> reports. The plan is to initially target people who have had heart attacks because of high cholesterol caused by a hereditary condition known as familial hypercholesterolemia, before eventually using the genome therapy on younger people as a preventative measure. The Nasdaq-listed firm \u2014 currently valued at USD 700 mn, nearly 76% below its original valuation of USD 2.89 bn \u2014 plans to begin human testing in months, after successfully cutting bad cholesterol levels in monkeys by 59%.<\/p>\n<p><strong>But it might be a tough sell to consumers: <\/strong>Not only are the long-term effects of gene editing still widely unknown, it stands to hold a hefty price tag \u2014 and insurers are unlikely to be easily swayed to cover a new, radical therapeutic method, the business information service writes. Analysts forecast the therapy to cost from USD 50k to USD 200k, and CEO Sekar Kathiresan says the estimated range is \u201ca reasonable starting point.\u201d<\/p>\n<p><strong>Has the world learned lessons from the AIDS crisis? Covid pill shortages in poor<\/strong><strong> countries indicate otherwise. <\/strong>Covid-19 antiviral pills are widely available in the United States, but continue to be limited in low and middle-income countries, evoking memories of the HIV epidemic, the <a href=\"https:\/\/www.nytimes.com\/2022\/05\/08\/us\/politics\/covid-pills-global-aids-hiv.html\">New York Times<\/a> reports. Nations are facing the same hurdles and inequities that existed two decades ago \u2014 rich countries are gobbling up the supply, while drug companies are trying to limit generic alternatives in middle-income countries in efforts to protect their patents. Meanwhile, low-income countries lack sufficient funds to even buy covid tests. \u201cIf you\u2019re not testing, you can\u2019t sequence, you can\u2019t isolate, you can\u2019t treat. Everything else unravels,\u201d said Bruce Aylward, a top World Health Organization official.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/covid-19\/\">covid-19<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/for-your-commute\/\">FOR YOUR COMMUTE<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/health\/\">health<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/technology\/\">technology<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/world-health-organization\/\">World Health Organization<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550858\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550858\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">3<\/div>\r\n\r\n                    <p class=\"f-graphik\">ENTERPRISE RECOMMENDS<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a 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data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/444.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/444.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550858\" class=\"content-area-description single-story post-550858 post type-post status-publish format-standard has-post-thumbnail hentry category-enterprise-recommends-2 tag-enterprise-recommends tag-enterprisepm tag-on-the-tube-tonight wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>? <\/strong><strong>ON THE TUBE TONIGHT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong><a href=\"https:\/\/www.netflix.com\/eg-en\/title\/81326202\">Bullsh*t the Game Show<\/a><\/strong><strong> is a competition show that sees how well you can lie<\/strong><strong> through your teeth:<\/strong> If you get impressed with the skill of persuasion, you\u2019ll love Netflix\u2019s most recent game show. Contestants are faced with multiple trivia questions, but if they don\u2019t know the answer they can BS their way through it and try to convince at least one of three judges that their answer is correct. Judges who call out the most lies and point to the right answers play as contestants in the next episode. The prize pool starts from USD 1k and can go up to USD 1 mn based on how many levels you pass. The show is hosted by Howie Mandel \u2014 of America\u2019s Got Talent fame \u2014 whose comedic persona makes the show a hilarious watch. A handful of people at the Enterprise HQ have reported binge watching the entire show in a sitting, but maybe that\u2019s just us.<\/p>\n<p>\u26bd <strong>Fiorentina hosts Rome in Serie A at 8:45pm<\/strong>, which is an important match for the two teams, who occupy the eighth and seventh places respectively, with a difference of 3 points. The match today will see them compete for the qualifying positions for the European championships.<\/p>\n<p><strong>In the Egyptian League: <\/strong>Eastern Company and El Mokawloon\u2019s match starts at 4pm, while Pharco plays with Future at 6:30pm, and El Gaish plays against National Bank at 9pm.<\/p>\n<p>? <strong>OUT AND ABOUT-<\/strong><\/p>\n<p>(all times CLT)<\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>Liwan Gallery is holding the opening reception of its newest exhibition \u201c<\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/untitled-travel-identification\/1065513567373057\/\">Untitled:<\/a><\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/untitled-travel-identification\/1065513567373057\/\">Travel Identification Documents<\/a><\/strong><strong>\u201d<\/strong> by Hossam Sakr today at 6pm. The exhibit will run until 26 May.<\/p>\n<p><strong>Estabena \u2014 The Mediterranean Music Project \u2014 <\/strong><strong><a href=\"https:\/\/www.facebook.com\/events\/s\/estabena-spring-concert-masq-f\/360001569481578\/\">will perform<\/a><\/strong><strong> at MASQ<\/strong> (Ma\u2019qad of Sultan Qaitbey) tomorrow at 5:30pm. Estabena blends diverse sounds and musical inspiration from around the Mediterranean. The event will also feature the Sultan Spring Bazaar where you can find Egyptian handcrafted products made in the Qaitbey neighborhood and around Egypt.<\/p>\n<p><strong>? UNDER THE LAMPLIGHT-<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>If you could go back in time and make different decisions\u2026 would you? <\/strong>That\u2019s the basic premise of the novel <a href=\"https:\/\/www.amazon.com\/This-Time-Tomorrow-Emma-Straub-ebook\/dp\/B09H2H2VB4\/ref=tmm_kin_swatch_0?_encoding=UTF8&qid=&sr=\">This Time Tomorrow<\/a> by Emma Straub. When Alice falls asleep as a 40-year-old and wakes up as her 16-year-old self, she can change the course of the future by making different choices in the past. Sent back to the carefree days with her best friend, her young love, and her healthy father, Alice must decide what aspects she wants to keep for her older self and what she wants to leave behind. This novel is a sweet take on the passing of time, the power of relationships, and the misguided rush to adulthood. The time travel aspect doesn\u2019t come off as gimmicky while the author brings back a ton of Back to The Future references that will please millennials.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/enterprise-recommends\/\">Enterprise Recommends<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/on-the-tube-tonight\/\">On The Tube Tonight<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550860\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550860\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">4<\/div>\r\n\r\n                    <p class=\"f-graphik\">GO WITH THE FLOW<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/\">\r\n                            Market roundup on 9 May 2022                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Market roundup on 9 May 2022&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/&title=Market roundup on 9 May 2022\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Market+roundup+on+9+May+2022+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Fmarket-roundup-on-9-may-2022%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/market-roundup-on-9-may-2022\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550860\" class=\"content-area-description single-story post-550860 post type-post status-publish format-standard hentry category-go-with-the-flow tag-egx tag-enterprisepm tag-go-with-the-flow wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>The EGX30 fell 1.8% at today\u2019s close<\/strong> on turnover of EGP 1.0 bn (12.2% above the 90-day average). Local investors were net buyers. The index is down 8.7% YTD.<\/p>\n<p><strong>In the green: <\/strong>Orascom Development Egypt (+5.1%), e-Finance (+4.9%) and Egypt Kuwait Holding-EGP (+1.8%).<\/p>\n<p><strong>In the red: <\/strong>MM Group (-4.7%), CIB (-4.2%) and Madinet Nasr Housing (-4.0%).<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/egx\/\">EGX<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/go-with-the-flow\/\">Go with the Flow<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550861\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"550861\">\r\n            \r\n                <div class=\"issue-story-header text-center\">\r\n                    <div class=\"index-number\">5<\/div>\r\n\r\n                    <p class=\"f-graphik\">WHAT\u2019S NEXT<\/p>\r\n                    <h3 class=\"story-title\">\r\n                        <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/\">\r\n                            Could microorganisms become the future of recycling?                        <\/a>\r\n                    <\/h3>\r\n\r\n                    \r\n\t\t\t\t\t\n<div class=\"cta\">\n    <div class=\"cta__btn share-dropdown-cta dropdown-toggle-btn\" style=\"position:relative\">\n        <img decoding=\"async\" src=\"https:\/\/ent.news\/internal\/408834.svg\" alt=\"\">\n        Share Story\n        <!-- Dropdown Menu -->\n        <ul class=\"share-menu\">\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/\" target=\"_blank\">\n                    Open in new tab                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/new-tab.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"#\" target=\"_blank\" onclick=\"event.preventDefault(); navigator.clipboard.writeText('https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/')\">\n                    Copy Link                <\/a>\n\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/\">\n                    Facebook                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/facebook-icon2.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/x.com\/intent\/post?text=Could microorganisms become the future of recycling?&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/\">\n                    X                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/twitter-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/shareArticle?mini=true&url=https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/&title=Could microorganisms become the future of recycling?\">\n                    LinkedIn                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/linkedin-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n            <li class=\"list-inline-item\">\n                <a href=\"https:\/\/api.whatsapp.com\/send?text=Could+microorganisms+become+the+future+of+recycling%3F+https%3A%2F%2Fenterpriseam.com%2Fegypt%2F2022%2F05%2F09%2Fcould-microorganisms-become-the-future-of-recycling%2F\">\n                    WhatsApp                    <!-- <img decoding=\"async\" src=\"assets\/media\/placeholder\/svg\/whatsapp-icon.svg\" alt=\"\"> -->\n                <\/a>\n            <\/li>\n        <\/ul>\n    <\/div>\n        <\/div>\r\n                    \r\n                <\/div>\r\n\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/\">\r\n                    <div class=\"photo photo--above\">\r\n                        <img decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/445.jpg?fit=1568%2C9999&amp;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" data-attachment-id=\"550862\" data-permalink=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/could-microorganisms-become-the-future-of-recycling\/445-jpg-18\/\" data-orig-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/445.jpg?fit=%2C&amp;ssl=1\" data-orig-size=\"\" data-comments-opened=\"0\" data-image-meta=\"[]\" data-image-title=\"445.jpg\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/445.jpg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/445.jpg?fit=1024%2C1024&amp;ssl=1\" \/>                    <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550861\" class=\"content-area-description single-story post-550861 post type-post status-publish format-standard has-post-thumbnail hentry category-whats-next-2 tag-climate tag-enterprisepm tag-plastic tag-recycling tag-whats-next wpautop entry\">\n\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>Could microorganisms become the future of recycling?<\/strong> In recent years, a series of scientific breakthroughs have uncovered the effectiveness of certain microorganisms in the process of plastics recycling. Though still in the early stages of development, these enzymes are showing promise in plugging some of the holes that remain in traditional recycling processes. Some companies have even started working to address the problem of plastics recycling through this supposedly more efficient chemical process, but whether \u2014 and how soon \u2014 these discoveries can be scaled to meet commercial volumes of plastic waste is yet to be seen.<\/p>\n<p><strong>Plastic-eating microbes are not just a thing of science fiction. <\/strong>Scientists have known about different kinds of plastic-eating bacteria since as<a href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC182779\/\" style=\"color: rgb(252, 118, 1);\">far back as 1991<\/a> but it wasn\u2019t until 2016 that a group of Japanese researchers <a href=\"https:\/\/doi.org\/10.1126\/science.aad6359\" style=\"color: rgb(252, 118, 1);\">discovered a strain of bacteria<\/a> called Ideonella sakaiensis 201-F6 that was particularly adept at doing so. This new strain could grow and subsist entirely off of polyethylene terephthalate (PET) \u2014 the type of plastic that\u2019s tough and hard to break down, and is used to manufacture almost all single-use bottles and textile fibers. This meant that the bacterium could break down the complex chemical bonds formed in the production of PET \u2014 and it did so using certain enzymes that naturally evolved to have this particular ability.<\/p>\n<p><strong>What about traditional recycling? <\/strong>Currently, <a href=\"https:\/\/bluevisionbraskem.com\/en\/intelligence\/infographic-how-does-the-process-of-mechanical-recycling-work\/#:~:text=Mechanical%20Recycling%20is%20the%20process,traditional%20method%20in%20the%20world.\" style=\"color: rgb(252, 118, 1);\">the most popular<\/a> form of recycling is a process known as mechanical recycling where plastics are shredded, washed, and occasionally melted down before re-entering industrial processes. The problem with this method is that each iteration results in weaker and lower-quality plastic, meaning that resources eventually do go to waste.<\/p>\n<p><strong>Chemical recycling supposedly avoids this problem entirely: <\/strong>One of the most promising aspects of chemical recycling is that it bypasses the inevitable waste issue endemic to its mechanical counterpart by breaking down plastics into its most basic form. Being able to turn single-use water bottles back into the building blocks that once created theoretically means that there could be <a href=\"https:\/\/cefic.org\/a-solution-provider-for-sustainability\/chemical-recycling-making-plastics-circular\/\" style=\"color: rgb(252, 118, 1);\">no resources lost<\/a> in recycling manufacturing processes (assuming we are able to collect everything we produce).<\/p>\n<p><strong>Laboratory experiments pushed these enzymes further into the future: <\/strong>By 2018, the enzymes discovered on this new strain of bacteria were modified by a group of researchers at the University of Portsmouth to become even more efficient at breaking down PET. Government funding of some GBP 6 mn awarded to these researchers has since allowed them to figure out a way to make these enzymes degrade PET <a href=\"https:\/\/www.theguardian.com\/environment\/2020\/sep\/28\/new-super-enzyme-eats-plastic-bottles-six-times-faster\" style=\"color: rgb(252, 118, 1);\">six times faster than before<\/a>.<\/p>\n<p><strong>There\u2019s also evidence to suggest that more microbes around the world are developing the capability to break down plastic<\/strong>, especially in places where plastic pollution is highly concentrated, according to <a href=\"https:\/\/doi.org\/10.1128\/mBio.02155-21\" style=\"color: rgb(252, 118, 1);\">one 2021 study<\/a> by scientists from Sweden\u2019s Chalmers University of Technology. A separate <a href=\"https:\/\/doi.org\/10.3389\/fmicb.2020.00404\" style=\"color: rgb(252, 118, 1);\">2020 study<\/a> from TU Bergakademie Freiberg and UFZ scientists found that a strain of bacteria that exists in soil exhibited the ability to degrade polyurethane.<\/p>\n<p><strong>One French company focused on enzymatic recycling is already gaining attention and funding: <\/strong>Late last year, French biotech company <a href=\"https:\/\/www.carbios.com\/en\/enzymatic-recycling\/\" style=\"color: rgb(252, 118, 1);\">Carbios<\/a> opened its first testing facility where it has been ironing out its PET recycling system using a completely new type of enzyme that they have <a href=\"https:\/\/doi.org\/10.1038\/s41586-020-2149-4\" style=\"color: rgb(252, 118, 1);\">enhanced<\/a> to become faster and withstand higher temperatures. Carbios along with T.EN Zimmer and Deloitte have already received a EUR 3.3 mn European grant to build out its system which it hopes will be able to process <a href=\"https:\/\/www.carbios.com\/en\/global-consumer-brands-unveil-worlds-first-enzymatically-recycled-bottles\/\" style=\"color: rgb(252, 118, 1);\">40k tons<\/a> of plastic by 2025.<\/p>\n<p><strong>Some skepticism about this technology remains: <\/strong>First, there\u2019s the question of scalability, which some think might take too long to reach. \u201cWe don\u2019t have more years to figure this out and wait for new technology,\u201d Kate Bailey, policy and research director at a nonprofit recycler based in Colorado tells <a href=\"https:\/\/arstechnica.com\/science\/2022\/04\/are-microbes-the-future-of-recycling-its-complicated\/\" style=\"color: rgb(252, 118, 1);\">ArsTechnica<\/a>. Then there\u2019s the issue of energy, which enzymatic recycling requires more of than mechanical recycling \u2014 though it is difficult to compare because enzymatic recycling supposedly reduces the amount of fresh plastic used in industrial processes. There\u2019s also the problem that chemical recycling so far <a href=\"https:\/\/www.theguardian.com\/environment\/2022\/feb\/05\/how-super-enzymes-that-eat-plastics-could-curb-our-waste-problem\" style=\"color: rgb(252, 118, 1);\">doesn\u2019t work<\/a> on other, tougher plastics.<\/p>\n<p><strong>Reeling in plastic production and pollution will require multiple efforts: <\/strong>With some <a href=\"https:\/\/plasticseurope.org\/wp-content\/uploads\/2021\/12\/Plastics-the-Facts-2021-web-final.pdf\" style=\"color: rgb(252, 118, 1);\">367 mn tons<\/a>of plastic produced globally in 2020 and roughly <a href=\"https:\/\/www.sciencedirect.com\/science\/article\/pii\/S0167779921000408#bb0005\" style=\"color: rgb(252, 118, 1);\">12 bn metric tons<\/a> of plastic waste expected to pile onto the surface of the earth by 2050, it is likely that more ways than one will be required to address our plastic problem. Both mechanical and chemical solutions will likely have to be relied on in the coming years to absorb the current amount of waste floating around our planet, as will our need to drastically reduce the production of new plastic.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n    <div class=\"tags-section\">\n        <div class=\"f-graphik\">Tags:<\/div>\n        <div class=\"tags-list\">\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/climate\/\">Climate<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/plastic\/\">plastic<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/recycling\/\">recycling<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                            <a rel=\"tag\" href=\"https:\/\/enterpriseam.com\/egypt\/tag\/whats-next\/\">WHAT\u2019S NEXT<\/a>\n                <!-- <span class=\"sep\">,&nbsp;<\/span> -->\n                    <\/div>\n    <\/div>\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n<section id=\"550863\" class=\"issue-section \">\n<div class=\"issue-section__content\">\n<div class=\"stories\">            <!-- Show divider before story section -->\r\n        <div \r\n            class=\"\r\n                story-section            \"\r\n            id=\"calendar\">\r\n            \r\n            <div class=\"story__body\">\r\n\r\n                <a href=\"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/550863\/\">\r\n                    <div class=\"photo photo--above\">\r\n                                            <\/div>\r\n                <\/a>\r\n\r\n                \n<article id=\"post-550863\" class=\"content-area-description single-story post-550863 post type-post status-publish format-standard hentry category-calendar wpautop entry\">\n\n\t\t\t<hr class=\"wp-block-separator has-text-color has-primary-color has-alpha-channel-opacity has-primary-background-color has-background is-style-wide\">\n\n\t\t<h2 class=\"wp-block-heading mt-0 has-primary-color has-text-color has-link-color has-normal-font-size\" style=\"padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px\">\n\t\t\t<strong> CALENDAR<\/strong>\n\t\t<\/h2>\n\t\n\t<div class=\"entry-content\">\n\n\t\t\n\t\t<p><strong>OUR CALENDAR NOW APPEARS in two sections: <\/strong><\/p>\n<ul>\n<li><strong>Events with specific dates or months <\/strong>are right here up top<\/li>\n<li><strong>Events happening in a quarter or other range of time <\/strong>with no specific date \/ month appear at the bottom of the calendar.<\/li>\n<\/ul>\n<p><strong>MAY<\/strong><\/p>\n<p>10-12 May (Tuesday-Thursday): <a href=\"https:\/\/globalevents.ebrd.com\/event\/abbff80b-9203-4a59-b458-a0b0a3cc6977\/summary?RefId=Press%20Open%20Registration&rp=bb613e72-8b0f-4ba6-b6cc-787264ded1db\">EBRD Annual Meeting and Business Forum<\/a>, Marrakesh, Morocco.<\/p>\n<p>12 May (Thursday): <a href=\"https:\/\/www.omfif.org\/events\/financing-sustainable-development-in-egypt\/\">Financing sustainable development in Egypt virtual roundtable<\/a>, Official Monetary and Financial Institutions Forum.<\/p>\n<p>13-22 May (Friday-Sunday): <a href=\"https:\/\/psaworldtour.com\/tournaments\/view\/11748\">PSA World Championships<\/a>, Cairo.<\/p>\n<p>15 May (Sunday): Last day for EGX-listed companies to file 1Q2022 earnings<\/p>\n<p>Mid-May: The <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ECwZ4gxDh1BtFhSLpuSQNm8u9sYEbLw5o2eDJ4Y4L7AfCuAe2nMM7VfrR8qBiqnul\">trial period to extend<\/a> the Advance Cargo Information (ACI) system to air freight.<\/p>\n<p>19 May (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>19 May (Thursday): EFG Hermes\u2019 general shareholders\u2019 meeting to discuss, among several things, a capital increase of EGP 973 mn to finance the distribution of bonus shares to the company\u2019s minority shareholders.<\/p>\n<p>25 May (Wednesday): The <a href=\"https:\/\/bit.ly\/36oOWst\">deadline for<\/a> private companies to pre-register ahead of bidding for the second phase of the PPP national project to establish and operate 1k language schools.<\/p>\n<p>30-31 May (Monday-Tuesday): <a href=\"https:\/\/www.facebook.com\/Moemigegy\/posts\/pfbid024Z27xPXYWTVC1sjCzbUQ4qKX7bWwAg6oyZmpTEuGod2WG9DP5UVXa3gtfqmaAtZAl\">Egypt Can with Industry<\/a>, Cairo, Egypt.<\/p>\n<p>31 May (Tuesday): The <a href=\"https:\/\/itida.gov.eg\/English\/Programs\/Export-IT%20Rebate%20Program%202017\/Pages\/default.aspx\">application deadline<\/a> for ITIDA\u2019s annual Export IT program.<\/p>\n<p>31 May (Tuesday): Extended deadline for EGX-listed companies to disclose 1Q 2021 earnings.<\/p>\n<p>May: Investment in Logistics Conference, Cairo, Egypt.<\/p>\n<p>May: General Authority for Land and Dry Ports to issue the conditions booklet for the tender to establish and operate the Tenth of Ramadan dry port.<\/p>\n<p><strong>JUNE<\/strong><\/p>\n<p>5-7 June (Sunday-Tuesday): <a href=\"https:\/\/www.africahealthexcon.com\/\">Africa Health ExCon<\/a>, Al Manara International Conference Center, Egypt International Exhibitions Center, and the St. Regis Almasa Hotel, New Administrative Capital.<\/p>\n<p>9 June (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>14-15 June (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15-18 June (Wednesday-Saturday): <a href=\"https:\/\/forumspb.com\/en\/\">St. Petersburg International Economic Forum<\/a> (SPIEF), St. Petersburg.<\/p>\n<p>16 June (Thursday): End of 2021-2022 academic year for public schools.<\/p>\n<p>21-22 June (Tuesday-Wednesday): <a href=\"https:\/\/www.facebook.com\/MFAEgypt\/posts\/298129062496947\">Aswan Forum for Sustainable Peace and Development<\/a>, Cairo.<\/p>\n<p>23 June (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>27 June-3 July (Monday-Sunday): World University Squash Championships, New Giza.<\/p>\n<p>30 June (Thursday): June 30 Revolution Day, national holiday.<\/p>\n<p>30 June (Thursday): Deadline for bids for National Democratic Party HQ redevelopment contract.<\/p>\n<p>June: Egypt will <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/390172846486475\">launch a unified ticketing system<\/a> for all means of transport at the Adly Mansour Interchange Station.<\/p>\n<p>June: Polish President Andrzej Duda will visit Egypt to coordinate ways to ship Ukrainian wheat to Egypt amid the war in Ukraine.<\/p>\n<p><strong>JULY<\/strong><\/p>\n<p>July: A law governing ins. for seasonal contractors will come into effect.<\/p>\n<p>July: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 July (Friday): FY 2022-2023 begins.<\/p>\n<p>1 July (Friday): Official rollout of e-receipt system begins.<\/p>\n<p>8 July (Friday): Arafat Day.<\/p>\n<p>9-13 July (Saturday-Wednesday): Eid Al Adha, national holiday.<\/p>\n<p>21 July (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>26-27 July (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>30 July (Saturday): Islamic New Year.<\/p>\n<p>Late July - 14 August: 2Q2022 earnings season.<\/p>\n<p><strong>AUGUST<\/strong><\/p>\n<p>August: Work to extend the capacity of the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3a67dcca-de16-4313-b330-60fc1a21e6db\">Egypt-Sudan electricity interconnection<\/a> to 600 MW to be completed.<\/p>\n<p>18 August (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>SEPTEMBER<\/strong><\/p>\n<p>September: Egypt will display its first naval exhibition with the title <a href=\"https:\/\/bit.ly\/3lshDZX\">Naval Power<\/a>.<\/p>\n<p>September: Central Bank of Egypt\u2019s Innovation and Financial Technology Center to launch incubator for 25 fintech startups.<\/p>\n<p>8 September (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>18 September (Sunday): Deadline for brokerage firms, asset managers and financial advisors <a href=\"https:\/\/alborsaanews.com\/2022\/04\/06\/1527896\">to register<\/a> with the Egyptian Securities Federation.<\/p>\n<p>20-21 September (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>22 September (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>OCTOBER<\/strong><\/p>\n<p>October: World Bank and IMF annual meetings in Washington, DC<\/p>\n<p>October: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p>1 October (Saturday): Use of Nafeza <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/381373340699759\">becomes compulsory<\/a> for air freight.<\/p>\n<p>6 October (Thursday): Armed Forces Day, national holiday.<\/p>\n<p>8 October (Saturday): Prophet Muhammad\u2019s birthday, national holiday.<\/p>\n<p>18-20 October(Tuesday-Thursday): Mediterranean Offshore Conference, Alexandria, Egypt.<\/p>\n<p>27 October (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p>Late October - 14 November: 3Q2022 earnings season.<\/p>\n<p><strong>NOVEMBER<\/strong><\/p>\n<p>November: Cairo Water Week 2022.<\/p>\n<p>1-2 November (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>3 November (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p>4-6 November: The <a href=\"https:\/\/www.autotechegypt.com\/en\/home.html\">Autotech<\/a> auto exhibition kicks off at the Cairo International Exhibition and Convention Center.<\/p>\n<p>7-18 November (Monday-Friday): Egypt will host <a href=\"https:\/\/sdg.iisd.org\/events\/2021-un-climate-change-conference-unfccc-cop-27\/\">COP 27<\/a> in Sharm El Sheikh.<\/p>\n<p>21 November-18 December (Monday-Sunday): 2022 Fifa World Cup, Qatar.<\/p>\n<p>13-14 December (Tuesday-Wednesday): Federal Reserve interest rate meeting.<\/p>\n<p>15 December (Thursday): European Central Bank monetary policy meeting.<\/p>\n<p><strong>DECEMBER<\/strong><\/p>\n<p>22 December (Thursday): Central Bank of Egypt\u2019s Monetary Policy Committee meeting.<\/p>\n<p><strong>JANUARY 2023<\/strong><\/p>\n<p>January EGX-listed companies and non-bank lenders will submit ESG reports for the first time.<\/p>\n<p>January: Fuel pricing committee meets to decide quarterly fuel prices.<\/p>\n<p><strong>EVENTS WITH NO SET DATE <\/strong><\/p>\n<p>1H2022: Target date for IDH to close its acquisition of 50% of Islamabad Diagnostic Center.<\/p>\n<p>1H2022: e-Finance\u2019s digital healthcare service platform, eHealth, will launch its services.<\/p>\n<p>1H2022: The government will respond to private companies\u2019 bids to build desalination plants.<\/p>\n<p>1H2022: Egypt\u2019s second corporate green bond issuance expected to be announced.<\/p>\n<p>14 March-30 June: The \u201cEscape to Egypt\u201d exhibition at the <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02TyfzyKQdaqZmXvT1e3FuyPe3vSpn55zshBzfPbVExM3BR7KTZ3Geb6QVSsHa2S5Nl\">Coptic Museum<\/a>, in celebration of its 112th anniversary.<\/p>\n<p>2Q2022: The Sovereign Fund of Egypt will invest in two companies in the financial inclusion and non-banking financial services sectors.<\/p>\n<p>End of 2Q2022: The Financial Regulatory Authority\u2019s new Ins. Act should be approved.<\/p>\n<p>End of 2Q2022: Door for bidding for the contract to redevelop the site of the former National Democratic Party HQ to close.<\/p>\n<p>End of 1H2022: Emirati industrial company M Glory Holding and the Military Production Ministry will begin the mass production of dual fuel pickup trucks that can run on natural gas.<\/p>\n<p>2H2022: The inauguration of the Grand Egyptian Museum.<\/p>\n<p>2H2022: <a href=\"https:\/\/www.ief.org\/news\/egypt-to-host-8th-ief-igu-ministerial-gas-forum-in-2022\">IEF-IGU Ministerial Gas Forum<\/a>, Egypt. Date + location TBA.<\/p>\n<p>2H2022: The government will have vaccinated 70% of the population.<\/p>\n<p>3Q2022: Ayady\u2019s consumer financing arm, The Egyptian Company for Consumer Finance Services, to release its first financing product.<\/p>\n<p>End of 2022: e-Aswaaq\u2019s tourism platform will complete the roll out of its ticketing and online booking portal across Egypt.<\/p>\n<p>2023: Egypt <a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/380561820780911\">will host<\/a> the Asian Infrastructure Investment Bank\u2019s Annual Meeting of the Board of Governors in 2023.<\/p>\n<p><strong>**Note to readers:<\/strong> Some national holidays may appear twice above. Since 2020, Egypt has observed most mid-week holidays on Thursdays regardless of the day on which they fall and may also move those days to Sundays. We distinguish above between the actual holiday and its observance.<\/p>\n\n\t<\/div><!-- .entry-content -->\n\n\t\n<\/article><!-- #post-${ID} -->\n\n\n            <\/div>\r\n        <\/div> <!-- \/.story -->\r\n    \n    \n\n    <\/div>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"featured_media":550852,"template":"","categories":[],"tags":[],"class_list":["post-550851","afternoon","type-afternoon","status-publish","has-post-thumbnail","hentry","wpautop","entry"],"acf":{"mongo_id":"4be6d31b-5931-4f22-b867-825a22223e1e","teaser":"","photo_url":"https:\/\/ent.news\/2022\/5\/43.jpg"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gov\u2019t presents spending plans for next fiscal year - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/govt-presents-spending-plans-for-next-fiscal-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t presents spending plans for next fiscal year\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/afternoon\/govt-presents-spending-plans-for-next-fiscal-year\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-15T23:10:31+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/5\/43.jpg?fit=%2C&ssl=1\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/govt-presents-spending-plans-for-next-fiscal-year\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/afternoon\/govt-presents-spending-plans-for-next-fiscal-year\/\",\"name\":\"Gov\u2019t presents spending plans for next fiscal year - 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