Egyptian Bill Expands Military’s Economic Powers

Egypt’s parliament is set to consider a draft law that would significantly expand the powers of the Future of Egypt Authority, a military-linked economic body, and place it under the direct oversight of the president.

According to a draft reviewed by Reuters, the legislation would formalise the authority’s growing role across key sectors of the economy. Originally established as a land reclamation project in 2017, the body was transformed into an economic institution by presidential decree in 2022 and has since assumed responsibilities including wheat imports, fisheries, housing projects and renewable energy.

Under the proposed law, President Abdel Fattah al-Sisi would be able to transfer state-owned assets, shares in public companies and management rights over public property to the authority after consulting the cabinet, without requiring parliamentary approval.

The bill also proposes the creation of sustainable development zones, where the authority would exercise broad regulatory, licensing and investment powers while benefiting from tax and customs incentives. In addition, it would establish the Future of Egypt Sovereign Fund, known as “Nile Pyramids”, to manage state assets, alongside a separate social investment fund, “Daem”, to finance projects in education, healthcare, housing and infrastructure.

The proposed legislation would also exempt the authority and its funds from parts of the public procurement framework and certain taxes. Lawmakers have not yet voted on the bill.

Source: Reuters