House Budget committee approves sovereign wealth fund act
LEGISLATION WATCH- The House of Representatives’ Budget Committee approved on Tuesday legislation establishing Egypt’s EGP 200 bn sovereign wealth fund, Al Mal reports. The committee will submit its report on the legislation to the House general assembly next week. Planning Minister Hala El Saeed had said last month that the fund would launch at the end the year, with a roadshow to draw in private investment set to take off in 1H2019. The private sector will be allowed to buy stakes of over 50% in sub-funds and affiliated companies, she had also said.
Meanwhile, President Abdel Fattah El Sisi issued an order outlining the roles and responsibilities of his adviser for national projects, former Prime Minister Sherif Ismail, AMAY reports. Under the new directive, which was published on the Official Gazette, Ismail’s roles include heading up seizure of unlawfully occupied state land, manage development projects in North Sinai, and studying reasons behind failed or underperforming government projects.