We got a bit excited about the prospect of a new investment act, but then the realities of Egyptian bureaucracy hit us: It will take Maglis Al Dowla (the State Council) almost a month to complete its review of the investment act from the date of receiving it — and it has not officially received it yet, sources told Al Borsa. Maglis Al Dowla is tasked with revising the law and its text prior to presenting it to the House of Representatives to ensure it is drafted unambiguously and that it is not in violation of the constitution. The body would need 2-4 weeks to review the document, the source added. To save time, Investment Minister Dalia Khorshid said the Ministry will not wait for Maglis Al Dowla to complete its review, but will begin drafting the law’s executive regulations straight away.

Procedurally, however, the law cannot be introduced to the House before Maglis Al Dowla finishes its work — a number of laws were struck down during the later years of the Mubarak era for having been passed by what was then known as the People’s Assembly without advice and consent of the State Council.