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Wednesday, 14 August 2019

El Sisi ratifies Mineral Resources Act, Economic Court Act amendments

LEGISLATION WATCH- El Sisi ratifies key legislation: President Abdel Fattah El Sisi has ratified the Mineral Resources Act, which introduces additional incentives for companies to invest in the mining sector. The amendments expand the size of concession areas, grant a new authority the power to issue licenses for areas of unlimited size, and allow companies to renew their licenses for more than one term. Separate contracts will be used for exploration and excavation areas, and royalties will be capped at 20% of the value of annual production. You can read more details about the amendments here.

The president also signed off on amendments to the Economic Court Act, which widens the scope of the nation’s economic courts to cover new business and finance activity, and expand the courts’ jurisdiction to cover more cases, including those pertaining to new non-banking financial services, money laundering, and bankruptcy, Al Shorouk reported. The changes will also allow for cases to be filed electronically and certain procedures to be completed online.

El Sisi also ratified amendments to a law regulating the Bar Association. The changes will provide attorneys a higher degree of protection in court, increase the association’s revenues, and set up an academy to train fresh law graduates.

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