{"id":612948,"date":"2024-01-04T00:00:00","date_gmt":"2024-01-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/mps-approve-amendment-to-desert-lands-ownership-law-agreements-with-ebrd-adex-afd\/"},"modified":"2024-01-04T00:00:00","modified_gmt":"2024-01-04T00:00:00","slug":"mps-approve-amendment-to-desert-lands-ownership-law-agreements-with-ebrd-adex-afd","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/04\/mps-approve-amendment-to-desert-lands-ownership-law-agreements-with-ebrd-adex-afd\/","title":{"rendered":"MPs approve amendment to desert lands ownership law + agreements with EBRD, ADEX, AFD"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>MPs greenlight selling desert plots to foreigners in heated session:<\/strong> It was an eventful session at the House yesterday as MPs gave their final go-ahead on a proposed amendment to the law regulating ownership of desert lands. The proposed law allows foreign nationals to buy and own land in the country\u2019s spacious desert areas and gives them rights to own more than 51% in companies that invest in desert land developments.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All in favor, say aye: <\/strong>Mostaqbal Watan MPs were for amending the law as it works in line with the government\u2019s plans to ramp up foreign investments into the country \u2014 and we have no shortage of unused desert lands. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>All those opposed, say nay:<\/strong> Some MPs were strongly against the amendment, citing national security concerns. MP Diaa Eddin Dawoud said the law could be used by \u201cmalicious foreigners\u201d to own large areas of land, which could jeopardize our national security. Tagammu\u2019s Atef El Maghawry told MPs that the amendment to desert ownership laws could \u201copen the door for foreigners to own 90% of our land.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Calming fears:<\/strong> Addressing the MPs\u2019 concerns, Parliamentary Affairs Minister Alaa Fouad said the law mandates that all purchase requests from foreign investors must get a security approval first. Fouad also stressed that ownership of land in Sinai is subject to a separate law, which makes it impossible for foreigners to own land in the peninsula.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What\u2019s next? <\/strong>The amendment will go into full effect once it gets the presidential seal and is published in the Official Gazette.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also in the house:<\/strong><\/p>\n<ul>\n<li><strong>Move over LIBOR:<\/strong> MPs greenlit an agreement with the European Bank for Reconstruction and Development (EBRD) to change to the secured Overnight Financing Rate (SOFR) when inking agreements with the lender, instead of the \u201cmore costly to borrowers\u201d London Interbank Offered Rate (LIBOR).<\/li>\n<li><strong>Econ Committee nods through two wheat agreements:<\/strong> The House Economic Affairs committee approved a USD 500 mn agreement with Abu Dhabi Exports Office (ADEX) to finance our wheat imports and a EUR 56.7 mn grant from the French Agency for Development (AFD) to expand our wheat silos capacity.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>MPs were concerned over the amendment\u2019s national security risks<\/p>\n","protected":false},"author":1,"featured_media":612949,"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":[7344],"tags":[3037,571,72,274,187],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-afd","tag-ebrd","tag-enterpriseam","tag-house-of-representatives","tag-legislation-watch","wpautop","entry"],"acf":{"mongo_id":"c9b0f553-5189-4d4f-bcfe-5b8d5ba7983e","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/811.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The House signs off amendment to desert lands ownership law + greenlights agreements with EBRD, ADEX, AFD","related_issue":[612933],"teaser":"MPs were concerned over the amendment\u2019s national security risks","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/1\/.0404463b-f9d6-4b46-ba0b-e62826877d12.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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