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Tuesday, 11 June 2019

House committee approves legislation allowing foreign asset holders to apply for Egyptian citizenship

LEGISLATION WATCH- Legislative amendments that would allow foreign asset holders to apply for Egyptian citizenship have received committee-level approval at the House of Representatives, according to Egypt Today. Prospective applicants would have to have bought a state-owned or private property, set up a project in accordance with the Investment Act, or deposited hard currency. Applications would cost around USD 10,000 or the equivalent in EGP. An authority comprised of foreign, investment, and interior ministry officials would be set up to consider applications. The amendments will now be up for a final general assembly vote. If passed, they need signoff from President Abdel Fattah El Sisi and then would become real only when the executive regulations governing them are published.

Also on the legislative agenda: A proposal to set up a new pharma regulator was discussed in the House yesterday at committee level, according to local press reports. It is unclear whether the new watchdog would replace the existing regulator — which operates under the auspices of the Health Ministry — or establish an entity separate from the ministry altogether.

Expect more activity from the legislature in the coming days as MPs prepare for the summer recess.

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