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Wednesday, 24 October 2018

Egyptian House of Representatives to debate tinkering with Investment Act, proposal to regulate ad industry loses steam, real estate developers could get state-sanctioned federation

** #7 LEGISLATION WATCH- Is the House looking to amend the Investment Act amid falling FDI? Worried about declining foreign direct investment, the House Economic Committee reportedly wants to call the ministers of investment and trade in for a chat in the coming month to discuss whether we need to tinker with the shiny new Investment Act. Egypt’s net FDI inflow dipped to USD 7.7 bn in the FY 2017-18, down from USD 7.9 bn the previous year.

House orders redrafting of bill that seeks to license advertising professionals: The House Culture and Media Committee rejected a private member’s bill yesterday that would have required individuals working in advertising or marketing to obtain a license to practice, Al Mal reports. The committee has asked that the bill, which was presented by Industry Committee chair Farag Amer, be entirely rewritten and restructured, saying that it lacks clarity. Media Committee member Jalila Othman also said Amer’s bill could have set the stage for the creation of monopolies in the ad industry. Amer had earlier this week proposed that non-licensed individuals working in the field face jail time and fines as high as EGP 100k. A working group will supervise the redrafting of the bill. Committee members include reps from the House media and industry committees, as well as the National Media Authority and Egyptian Advertising Association, and advisers to the ministers of justice and industry.

In other legislative news, the Housing Ministry is drafting legislation that would create a federation for Egyptian real estate developers, Assistant Minister Khaled Abbas said, according to Al Mal. Under the law — the main aim of which will be to regulate the market and shield consumers against unfair practices — the federation would be responsible for setting and enforcing industry guidelines. The bill should will be ready in six months from now, Abbas added. No further details were disclosed.

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