Back to the complete issue
Sunday, 29 December 2019

GAFI boss joins cabinet economic group, becomes Egypt de-facto investment minister

GAFI boss joins cabinet economic group: Prime Minister Moustafa Madbouly has restructured the cabinet economic group to give the head of the General Authority for Investments (GAFI) a seat at the table. The group, which is led by the prime minister, is now comprised of the central bank governor, the ministers of planning and economic development, finance, trade and industry, and public enterprises, alongside the head of GAFI. Prior to the restructuring, the GAFI head would attend meetings on a “by-invitation” basis.

Reminder: GAFI boss now acts as de-facto investment minister: The move came after the prime minister delegated to the head of GAFI several of the responsibilities of the now-displaced investment minister. He or she will be accountable for several articles of the investment and company acts which refer to the ‘minister in charge of investment affairs.’ Among the GAFI head’s new responsibilities are approving public bond and share offerings by companies and approving the appointment of board members in companies that manage public utilities, as well as extending the period during which new projects are eligible for incentives. The GAFI boss will not, however, be able to sign off on issuing regulations or amendments to regulations concerning both laws, among other restrictions. GAFI is currently led by interim head Mohamed Abdel Wahab, who took on the role after his former boss, Mohamed Adel, ended a one-year term at the helm of the authority.

On a related note, Madbouly has dissolved the two ministerial committees that were each responsible for settling and resolving investor disputes in the Investment Ministry era. Two new ones, one led by the prime minister and another by the justice minister, were set up by new decrees, according to a separate statement.

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.