Back to the complete issue
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.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.