{"id":546934,"date":"2022-06-02T04:00:16","date_gmt":"2022-06-02T04:00:16","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/"},"modified":"2022-06-02T04:00:16","modified_gmt":"2022-06-02T04:00:16","slug":"cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/","title":{"rendered":"Cabinet to establish automotive policy committee + fund for sustainable transport"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>A new automotive policy committee and changes to the law governing the <\/strong><strong>Sovereign Fund of Egypt (SFE)<\/strong> were approved during the weekly cabinet meeting yesterday, cabinet said in <a href=\"https:\/\/bit.ly\/3ap5UZm\">a statement<\/a>. The automotive committee will be tasked with setting a policy framework for legislative and administrative reforms in the industry, as well as building relationships with foreign countries regarding auto manufacturing.<\/p>\n<p><strong>We were expecting an announcement on the government\u2019s long-delayed automotive strategy last month:<\/strong> Prime Minister Moustafa Madbouly <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/158188ff-65a9-4146-adc1-5f53c1a3f6e5\">had said<\/a> that the government\u2019s strategy to localize the industry would be unveiled before the end of May but we\u2019re still waiting on an announcement. The strategy aims to increase local assembly, grow the component manufacturing industry, up the sector\u2019s competitiveness to become a regional manufacturing hub, and bolster export volumes.<\/p>\n<p><strong>A sustainable transport fund:<\/strong> A new fund will be established to channel finance into environmentally-friendly transport, according to the statement. It will also fund research and development centers and design incentives to stimulate the local industry, it said.<\/p>\n<p><strong>Provisions of the law governing the SFE have been tweaked: <\/strong>The Cabinet approved a number of amendments to the Egypt Fund Law, which set up the Sovereign Fund of Egypt (SFE) in 2018:<\/p>\n<ul>\n<li><strong>Sustainable development is now an explicit priority:<\/strong> The law now says that the SFE \u201caims to contribute to sustainable economic development.\u201d<\/li>\n<li><strong>The fund can now hold financial assets:<\/strong> The SFE is able to acquire a broader range of assets after the cabinet expanded its definition. Previously, the rules defined assets as \u201cfixed and movable,\u201d but this has now been changed to \u201cfinancial instruments, securities, and property transferred to and owned by the fund.\u201d<\/li>\n<li><strong>Feasibility studies:<\/strong> The SFE will now have to conduct feasibility studies and forecast the ROI on assets before it can acquire them.<\/li>\n<\/ul>\n<p><strong>Also approved yesterday:<\/strong> The cabinet approved incentives that will be offered to the Orascom Construction-Engie-Toyota Tsusho for the new Gulf of Suez wind farm. The companies last year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e0ef70e6-4c9d-41f3-b9c4-e734f2e35af4\">signed contracts<\/a> to develop, construct and operate a 500-MW wind farm in Ras Ghareb. Cabinet did not disclose details on the incentives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A new automotive policy committee and changes to the law governing the Sovereign Fund of Egypt (SFE) were approved during the weekly cabinet meeting yesterday, cabinet said in a statement. The automotive committee will be tasked with setting a policy framework for legislative and administrative reforms in the industry, as well as building relationships with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":546935,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7306],"tags":[144,282,72,100,151,370,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-automotive","tag-cabinet-watch","tag-enterpriseam","tag-policy","tag-renewables","tag-sovereign-fund-of-egypt","tag-transport","wpautop","entry"],"acf":{"mongo_id":"450c79be-e499-44f9-9e98-d6b22a4aa0a6","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/110.jpg","photo_position":"above","related_issue":[546924],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cabinet to establish automotive policy committee + fund for sustainable transport - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet to establish automotive policy committee + fund for sustainable transport\" \/>\n<meta property=\"og:description\" content=\"A new automotive policy committee and changes to the law governing the Sovereign Fund of Egypt (SFE) were approved during the weekly cabinet meeting yesterday, cabinet said in a statement. The automotive committee will be tasked with setting a policy framework for legislative and administrative reforms in the industry, as well as building relationships with [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-02T04:00:16+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/110.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Cabinet to establish automotive policy committee + fund for sustainable transport\",\"datePublished\":\"2022-06-02T04:00:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\"},\"wordCount\":357,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/110.jpg?fit=%2C&ssl=1\",\"keywords\":[\"automotive\",\"cabinet watch\",\"EnterpriseAM\",\"policy\",\"renewables\",\"Sovereign Fund of Egypt\",\"transport\"],\"articleSection\":[\"Cabinet watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/02\/cabinet-to-establish-automotive-policy-committee-fund-for-sustainable-transport\/\",\"name\":\"Cabinet to establish automotive policy committee + fund for sustainable transport - 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The committee is tasked with following up on the government\u2019s long-awaited automotive strategy, which aims to increase local assembly, grow the component manufacturing industry, up the sector\u2019s competitiveness to\u2026","rel":"","context":"In &quot;Automotive&quot;","block_context":{"text":"Automotive","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/automotive\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/9\/429.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":648527,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/05\/cbe-committee-to-develop-auto-industry-completes-its-report\/","url_meta":{"origin":546934,"position":1},"title":"CBE committee to develop auto industry completes its report","author":"enterpriseam admin","date":"5 April 2017","format":false,"excerpt":"Remember that CBE committee established to draw up an alternative strategy to the automotive directive? It\u2019s backing the automotive directive, recommending that domestic content requirements be hiked to 70%. Sources from the committee tell Al Mal that the cabinet shuffle was behind the delay in issuing the report. The committee\u2026","rel":"","context":"In &quot;Automotive + Transportation&quot;","block_context":{"text":"Automotive + Transportation","link":"https:\/\/enterpriseam.com\/egypt\/category\/automotive-transportation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570206,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/23\/house-suspends-discussions-on-auto-strategy-public-enterprises-act-amendments-indefinitely\/","url_meta":{"origin":546934,"position":2},"title":"House suspends discussions on auto strategy, Public Enterprises Act amendments indefinitely","author":"enterpriseam admin","date":"23 March 2020","format":false,"excerpt":"LEGISLATION WATCH- House suspends discussion of auto strategy, Public Enterprises Act amendments indefinitely thanks to covid: The House industry committee has decided to postpone discussions on the government\u2019s auto strategy and the amendments to the Public Enterprises acts indefinitely due to the covid-19 outbreak, the local press reported citing parliamentary\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652493,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/11\/house-postpones-discussions-on-automotive-directive-pending-further-study\/","url_meta":{"origin":546934,"position":3},"title":"House postpones discussions on automotive directive pending further study","author":"enterpriseam admin","date":"11 January 2017","format":false,"excerpt":"House puts discussion of automotive directive on hold pending further study: The House of Representatives\u2019 Industry Committee has decided to postpone discussions on the automotive directive pending further study, Al Borsa reported. The hope is to come up with a bill that \u201cwould satisfy all industry stakeholders,\u201d an MP said,\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577892,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/08\/it-just-got-easier-for-industry-to-get-golden-licenses\/","url_meta":{"origin":546934,"position":4},"title":"It just got easier for industry to get golden licenses","author":"enterpriseam admin","date":"8 December 2022","format":false,"excerpt":"It was all about boosting foreign investment at the cabinet\u2019s weekly meeting, where ministers widened the scope of industrial and automotive investment incentives and approved the first land sale in foreign currency to an unnamed Gulf investor.Companies applying for the government\u2019s golden license for industry will no longer need to\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547281,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/15\/the-governments-automotive-strategy-dominated-the-airwaves-last-night\/","url_meta":{"origin":546934,"position":5},"title":"The government\u2019s automotive strategy dominated the airwaves last night","author":"enterpriseam admin","date":"15 June 2022","format":false,"excerpt":"The government\u2019s auto strategy took center stage on the airwaves last night: Prime Minister Moustasfa Madbouly\u2019s speech on the government\u2019s automotive strategy and a number of MoUs signed on the sidelines led the conversation on the airwaves last night, with Masaa DMC (watch, runtime: 1:49), Al Hayah Al Youm (watch,\u2026","rel":"","context":"In &quot;LAST NIGHT\u2019S TALK SHOWS&quot;","block_context":{"text":"LAST NIGHT\u2019S TALK SHOWS","link":"https:\/\/enterpriseam.com\/egypt\/category\/last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546934","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546934"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546934\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546935"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546934"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546934"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546934"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546934"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546934"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}