{"id":626558,"date":"2018-07-05T04:02:14","date_gmt":"2018-07-05T04:02:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/"},"modified":"2018-07-05T04:02:14","modified_gmt":"2018-07-05T04:02:14","slug":"economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/","title":{"rendered":"Economic issues reign supreme as Council of State approves sovereign wealth fund legislation"},"content":{"rendered":"<p><strong>Legislation establishing the EGP 200 bn sovereign wealth fund led the discussion on the airwaves last night<\/strong> after the Council of State signed off on the law. We have the full story in Speed Round, below.<\/p>\n<p><strong>The House of Representatives\u2019 Economic Committee will begin its review of the legislation<\/strong> as soon as the Council of State ships it over, MP Medhat El Sherif told Lama Gebril, who filled in for Lamees Al Hadidi on Hona Al Asema. El Sherif explained to the host that sovereign wealth funds are used to manage states\u2019 budgetary surplus, which is directed towards investment both at home and abroad. He noted that there is a range of untapped assets under the state\u2019s ownership, and that this umbrella will only increase when government buildings relocate to the new administrative capital (<a href=\"https:\/\/www.youtube.com\/watch?v=gOmyJcDl914&t=1s\">watch, runtime: 5:12<\/a>).<\/p>\n<p><strong>The EGP 200 bn fund has drawn interest from the UAE and Oman<\/strong>, both of whom have signaled their intention to invest a portion of their finances in the fund, finance industry insider Osama Mourad told Gebril. Mourad also stressed that the fund would not nullify the Public Enterprises Ministry and said that state assets will likely be divided among the two entities (<a href=\"https:\/\/www.youtube.com\/watch?v=Y8FqiVjGNSA\">watch, runtime: 8:00<\/a>).<\/p>\n<p><strong>The government is also working in the meantime to rein in Egypt\u2019s debt levels<\/strong>, Finance Minister Mohamed Maait reiterated in a call-in to Yahduth fi Masr. While the public debt to GDP ratio had peaked at 108% in FY2016-17, it was brought down to below 98% by the end of FY2017-18 as the country\u2019s debt was contained and GDP grew, Maait said. He reminded host Sherif Amer of the government\u2019s target of pushing the figure to below 80% by FY2020-2021, stressing that we will refrain from taking on new debts unless absolutely necessary (<a href=\"https:\/\/www.facebook.com\/YahdothFiMasr\/videos\/615495538828756\/\">watch, runtime: 10:00<\/a>).<\/p>\n<p><strong>Egypt is checking off the technical and legislative requirements on the to-do list for becoming a regional energy hub<\/strong>, Oil Ministry spokesman Hamdy Abdel Aziz told Al Hayah fi Masr after the natural gas market regulatory authority agreed yesterday to begin issuing licenses (full story in Speed Round). The ministry has also devised a strategy to increase domestic production of natural gas, which would rely on issuing international tenders and encouraging foreign investment in the sector, according to Abdel Aziz (<a href=\"https:\/\/www.youtube.com\/watch?v=n7hu4DMWjyg\">watch, runtime: 5:43<\/a>).<\/p>\n<p>Meanwhile,<strong> the Supreme Media Council decided to issue a gag order on the investigation into the 57357 children\u2019s hospital<\/strong>, council head Makram Mohamed Ahmed told Masaa DMC\u2019s Osama Kamal. Ahmed justified the move as necessary to preserve the hospital\u2019s reputation throughout the process of investigating allegations of graft (<a href=\"https:\/\/www.youtube.com\/watch?v=WFpoS8axbfo\">watch, runtime: 12:58<\/a>).<\/p>\n<p>Elsewhere on the airwaves last night: <strong>Some 2.6 mn Egyptians are born each year<\/strong>, National Population Council Rapporteur Atef Al Shetani told Al Hayah fi Masr\u2019s Nahawand Serry to drive home the point that population growth must be contained (<a href=\"https:\/\/www.youtube.com\/watch?v=ij7lghXODtI\">watch, runtime: 14:37<\/a>).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Legislation establishing the EGP 200 bn sovereign wealth fund led the discussion on the airwaves last night after the Council of State signed off on the law. We have the full story in Speed Round, below. The House of Representatives\u2019 Economic Committee will begin its review of the legislation as soon as the Council of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[9281],"tags":[2379,72],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626558","post","type-post","status-publish","format-standard","hentry","category-enterprise-last-nights-talk-shows","tag-enterprise-last-nights-talk-shows","tag-enterpriseam","wpautop","entry"],"acf":{"mongo_id":"178851f5-4f44-4ee9-bdb4-78d9080f9711","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[626551],"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>Economic issues reign supreme as Council of State approves sovereign wealth fund legislation - 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\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economic issues reign supreme as Council of State approves sovereign wealth fund legislation\" \/>\n<meta property=\"og:description\" content=\"Legislation establishing the EGP 200 bn sovereign wealth fund led the discussion on the airwaves last night after the Council of State signed off on the law. We have the full story in Speed Round, below. The House of Representatives\u2019 Economic Committee will begin its review of the legislation as soon as the Council of [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-07-05T04:02:14+00:00\" \/>\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\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Economic issues reign supreme as Council of State approves sovereign wealth fund legislation\",\"datePublished\":\"2018-07-05T04:02:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/\"},\"wordCount\":486,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Enterprise+: Last Night\u2019s Talk Shows\",\"EnterpriseAM\"],\"articleSection\":[\"Enterprise+: Last Night\u2019s Talk Shows\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/economic-issues-reign-supreme-as-council-of-state-approves-sovereign-wealth-fund-legislation\/\",\"name\":\"Economic issues reign supreme as Council of State approves sovereign wealth fund legislation - 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We have chapter and verse in Speed Round, below.But first: Argineering won EGP 100,000 in the CIB-sponsored\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-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":[]},{"id":626779,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/11\/house-budget-committee-approves-sovereign-wealth-fund-act\/","url_meta":{"origin":626558,"position":1},"title":"House Budget committee approves sovereign wealth fund act","author":"enterpriseam admin","date":"11 July 2018","format":false,"excerpt":"LEGISLATION WATCH- The House of Representatives\u2019 Budget Committee approved on Tuesday legislation establishing Egypt\u2019s EGP 200 bn sovereign wealth fund, Al Mal reports. The committee will submit its report on the legislation to the House general assembly next week. Planning Minister Hala El Saeedhad said last month that the fund\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":626997,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/17\/its-legislative-groundhog-day\/","url_meta":{"origin":626558,"position":2},"title":"It\u2019s (legislative) Groundhog Day","author":"enterpriseam admin","date":"17 July 2018","format":false,"excerpt":"It\u2019s (legislative) Groundhog Day: Legislation was once again the talk of the town on last night\u2019s talk shows after the House of Representatives passed several bills yesterday (all of which we look into in detail in Speed Round), including a few that had stirred controversy the previous day. The only\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-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":[]},{"id":626565,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/","url_meta":{"origin":626558,"position":3},"title":"Council of State\u2019s legislative division signs off on draft legislation establishing sovereign wealth fund","author":"enterpriseam admin","date":"5 July 2018","format":false,"excerpt":"LEGISLATION WATCH- The Council of State\u2019s legislative division signed off yesterday on draft legislation that would establish Egypt\u2019s first sovereign wealth fund, Al Shorouk reports. The law is expected to govern the structure and functions of the fund, which will have authorized capital of EGP 200 bn and initial paid-in\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":626900,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/15\/amended-sovereign-wealth-fund-act-ready-for-house-plenary-vote\/","url_meta":{"origin":626558,"position":4},"title":"Amended sovereign wealth fund act ready for House plenary vote?","author":"enterpriseam admin","date":"15 July 2018","format":false,"excerpt":"Gov\u2019t, 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\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":630179,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/15\/matouk-bassiouny-name-partner-advised-on-legislation-establishing-egp-200-bn-sovereign-wealth-fund\/","url_meta":{"origin":626558,"position":5},"title":"Matouk Bassiouny name partner advised on legislation establishing EGP 200 bn sovereign wealth fund","author":"enterpriseam admin","date":"15 April 2018","format":false,"excerpt":"Matouk Bassiouny advised on legislation establishing EGP 200 bn sovereign wealth fund: Matouk Bassiouny\u2019s head of finance and projects and name partner Mahmoud Bassiouny provided legal counsel to the investment and planning ministries on drafting the legislation establishing Egypt\u2019s EGP 200 bn sovereign wealth fund, according to an emailed statement.\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":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626558","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=626558"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626558\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/626551"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=626558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626558"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626558"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}