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Thursday, 17 August 2017

PM issues resolution governing chambers of commerce, establishes general authority for Golden Triangle

Chambers of commerce to be allowed to invest as institutions: Prime Minister Sherif Ismail issued a resolution yesterday that allows chambers of commerce and their federations to establish new companies or invest in existing businesses in their institutional capacity, Al Mal reports. The directive would allow the groups to work within most fields and sectors, but limits a single chamber’s ownership stake in any business to 30%. This restriction on ownership is meant to avoid monopolistic practices, conflicts of interest, and antitrust issues. But apparently pseudo-governmental institutions competing with the private sector will be seen as just fine.

Also yesterday, the prime minister issued a decree establishing the General Authority for the Golden Triangle area, Al Masry Al Youm says. The decree transfers ownership of all state-controlled assets in the area to the newly-established body. President Abdel Fattah El Sisi had signed off on the creation of the special economic zone last month.

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