El Sisi ratifies amendments to Investment Act

LEGISLATION WATCH- El Sisi ratifies amendments to Investment Act: President Abdel Fattah El Sisi has ratified amendments to the Investment Act that allow expansions of existing investment projects to benefit from newly introduced incentives, according to an Investment Ministry statement. The amendments also require prospective business owners to obtain permission from the Investment Ministry before starting a new business. Private and public companies may be asked by the ministry to disclose information and data needed to calculate FDI and indirect investments for statistical purposes. Companies that don’t abide by this clause will be fined a maximum EGP 50k. The House of Representatives passed the amendments last month.