House Economics Committee set on making changes to the Investment Act’s executive regulations?

The House Economics Committee seems set on making changes to executive regulations of the Investment Act, which it began reviewing yesterday, despite its input not being required at all. MPs want to raise the minimum local manufacturing component requirements to 60% from 50% and minimum export requirement to 40% from 20% for businesses to be eligible for incentives offered under the act, Ahram Gate reports. Also under fire is the ceiling for foreign labor in a company’s hiring, which the executive regulations cap at 20%, Al Mal reports. The list of gripes goes on, leaving us hoping cabinet is simply letting our fearless elected representatives to have their say before moving on with the draft as it stands.