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Wednesday, 18 January 2017

MP grandstanding on the Investment Act

An MP grandstanding on the proposed investment act? Quelle surprise. The deputy chair of the House of Representatives’ Economics Committee took to the press yesterday to lambast proposed Investment Act. Pouncing like a starving cheetah on the grandstanding rope tossed him by Al Borsa, Amr El Gohary said that the act offers far too many incentives to investors at the expense of the state. He was especially critical of the extremely low prices of land the law would permit and of the notion that foreigners could be allowed to account for 20% of labor on any given project. The final draft of the bill is with the Egyptian Council of State, which is expected to send it to the House in the coming days. On a related note, the Federation of Egyptian Industries (FEI) has not had a change of heart about the bill, but is now claiming that it had a hand in the final draft, Al Shorouk reports. The FEI had previously been insisting on dropping the bill in favor of the old pre-2015 investment act.

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