Egyptian Parliament Approves Law Expanding Military-Linked Economic Authority

Egypt's parliament has approved a law expanding the powers of the military-linked Future of Egypt Authority and placing it under direct presidential oversight. The legislation broadens the authority's role across key economic sectors and now awaits President Abdel Fattah Al Sisi's final approval.

Egypt's parliament has given final approval to a new law that significantly expands the powers of the military-linked Future of Egypt Authority, transforming it into one of the country's most influential economic institutions.
The legislation places the authority under the direct supervision of President Abdel Fattah Al Sisi and broadens its responsibilities across several strategic sectors of the economy.
The law will take effect once it receives presidential ratification.

PARLIAMENT PASSES THE BILL

The House of Representatives approved the legislation on Tuesday after two days of debate and review by a joint parliamentary committee.
Lawmakers introduced several amendments before giving their final approval, including measures requiring parliamentary oversight for the designation of development zones and increased financial monitoring by Egypt's state audit agency.
The revised law also places limits on annual fee increases within designated development zones.

AUTHORITY'S ROLE EXPANDS

The Future of Egypt Authority was originally established in 2017 as a land reclamation project.
Since then, it has steadily expanded its activities and now oversees a wide range of sectors, including agriculture, fisheries, strategic commodity imports, investments and real estate development.
Under the new law, the authority will also oversee planning, land allocation, licensing, asset management, revenue collection and regulatory supervision.
The legislation effectively centralises many economic functions within a single institution.

DIRECT PRESIDENTIAL OVERSIGHT

Officials say the new law formally defines the authority's governance structure and confirms its direct reporting line to President Abdel Fattah Al Sisi.
Addressing parliament, the authority's Executive Director, Bahaa Al Ghannam, said the reforms were designed to improve administrative efficiency and create a clearer legal framework for its operations.
He stressed that the authority should serve as a facilitator for investors rather than acting as an investor itself.

NEW FUNDS TO SUPPORT DEVELOPMENT

The legislation also establishes two new financial entities.
One is a sovereign investment vehicle known as the Pyramids of the Nile Fund, while the second is a separate services fund intended to support the authority's operations and development programmes.
Government officials say the new funds will help strengthen investment and improve the management of strategic national projects.

LAWMAKERS EXPRESS CONCERNS

Although the bill ultimately secured parliamentary approval, several lawmakers expressed reservations during the debate.
Some members called for stronger oversight and greater transparency regarding the authority's expanded responsibilities.
The amendments adopted before the final vote were intended to address some of those concerns by increasing parliamentary and financial supervision.

PRESIDENT TO MAKE FINAL DECISION

The legislation now awaits President Abdel Fattah Al Sisi's signature before it officially becomes law.
If ratified, the measure will further strengthen the Future of Egypt Authority's position at the centre of Egypt's economic planning and development strategy, reflecting the government's continued reliance on state-led institutions to drive national investment and economic growth.