Gov’t, House committee approve amended Sovereign Wealth Fund Act: The Planning Ministry and the House Planning and Budget Committee agreed yesterday on the final text of the legislation establishing the EGP 200 bn sovereign wealth fund, Al Mal reports. The amendments include exempting the fund from taxes for a renewable period of four years, in addition to clarifying what the state would consider an under-utilized asset. The committee, which had approved the legislation last week, had also requested that Cabinet add a minimum threshold for the fund’s dividends. It remains unclear when the legislation will be put up for debate at the House general assembly. Planning Minister Hala El Said had said the fund would launch by year’s end.

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