{"id":626565,"date":"2018-07-05T04:02:14","date_gmt":"2018-07-05T04:02:14","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/"},"modified":"2018-07-05T04:02:14","modified_gmt":"2018-07-05T04:02:14","slug":"council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/","title":{"rendered":"Council of State\u2019s legislative division signs off on draft legislation establishing sovereign wealth fund"},"content":{"rendered":"<p><strong>LEGISLATION WATCH- The Council of State\u2019s legislative division signed off yesterday on draft legislation that would establish Egypt\u2019s first sovereign wealth fund<\/strong>, <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04072018&id=3a6d35eb-9e52-4ba5-9cb7-91de7461d658\">Al Shorouk reports<\/a>. 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 capital of EGP 5 bn. Planning Minister Hala El Saeed hopes the law will pass during the <a href=\"http:\/\/almalnews.com\/Story\/381333\/15\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D8%AE%D8%B7%D9%8A%D8%B7-%D8%A8%D8%B1%D9%86%D8%A7%D9%85%D8%AC-%D8%A7%D9%84%D8%B7%D8%B1%D9%88%D8%AD%D8%A7%D8%AA-%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D9%8A%D8%A9-%D9%81%D9%89-%D8%A7%D9%84%D8%A8%D9%88%D8%B1%D8%B5%D8%A9-%D8%A3%D9%88%D8%A7%D8%AE%D8%B1-2018\">current legislative term<\/a>. A reading of a <a href=\"https:\/\/enterprise.press\/stories\/2018\/04\/30\/egypts-sovereign-wealth-fund-to-be-given-financial-and-legal-independence\/\">draft in April<\/a> had claimed that the law would give the fund financial and legal independence. El Saeed <a href=\"https:\/\/enterprise.press\/stories\/2018\/06\/10\/egypt-sovereign-wealth-fund-to-be-launched-at-the-end-of-the-year-lots-of-room-for-private-sector-participation-planning-minister\/\">had said last month<\/a> that the fund would launch at the end the year, with a roadshow to draw in private investment set to take off in 1H2019. The private sector will be allowed to buy stakes of over 50% in sub-funds and affiliated companies, she had also said.<\/p>\n<p>In other legislative news, <strong>a draft Data Protection Act is expected to be presented to the House of Representatives in October,<\/strong> after the start of the new legislative session. The 51-article bill is currently being drafted and finalized by the Justice Ministry before it\u2019s presented to the Madbouly Cabinet, said Mohamed Hegazy, the head of the ICT Ministry\u2019s legislative committee. Under the law, only companies with permits to share user data will be allowed to do so<strong>,<\/strong> with the condition being that they obtain users\u2019 prior approval, according to Hegazy. He <a href=\"http:\/\/almalnews.com\/Story\/381344\/17\/%D8%A7%D9%84%D8%AD%D9%83%D9%88%D9%85%D8%A9-%D8%AA%D8%B9%D8%B1%D8%B6-%D8%AD%D9%85%D8%A7%D9%8A%D8%A9-%D8%A7%D9%84%D8%A8%D9%8A%D8%A7%D9%86%D8%A7%D8%AA-%C2%AB%D8%A3%D9%88%D9%86%D9%84%D8%A7%D9%8A%D9%86%C2%BB-%D8%B9%D9%84%D9%89-%D8%A7%D9%84%D8%A8%D8%B1%D9%84%D9%85%D8%A7%D9%86-%D8%A3%D9%83%D8%AA%D9%88%D8%A8%D8%B1-%D8%A7%D9%84%D9%85%D9%82%D8%A8%D9%84\">tells Al Mal<\/a> that the bill is \u201ccompatible with the principles of the <a href=\"https:\/\/enterprise.press\/stories\/2018\/05\/24\/how-the-european-unions-new-data-protection-regulation-affects-your-business-here-in-egypt\/\">European Union\u2019s General Data Protection Regulation<\/a>\u201d on data privacy and treatment, as well as user accountability.<\/p>\n<p><strong>The law will also allows users the right to take legal action against data breaches and misuse of private information<\/strong>, he adds. It will also set fines of up to EGP 5 mn for violations as well as prison sentences of up to three months, based on the severity of the crime. The Information Technology Industry Development Agency (ITIDA) will be the sole authority responsible for implementing the new law. We had first heard of legislation for data protection in <a href=\"https:\/\/enterprise.press\/stories\/2017\/11\/12\/data-protection-bill-might-ban-e-marketing-messages\/\">November last year<\/a>.<\/p>\n<p><strong>Public Contracts Act sets conditions for awarding direct order contracts:<\/strong> Also IN legislation, the Public Contracts Act (previously known as the Tenders and Auctions Act) reportedly sets seven conditions under which the government would be allowed to bypass the tendering process and award contracts via direct order. For example, if only one company is truly qualified to take on the project or if the project too time-sensitive to wait for a tender. You can <a href=\"http:\/\/www.shorouknews.com\/news\/view.aspx?cdate=04072018&id=06f78d79-3f71-4799-9fb1-98fe7dd990c9\">view the full list here courtesy of Al Shorouk<\/a>. The act \u2014 which decentralizes tendering procedures and streamlines the selection process for winning bids \u2014 received a <a href=\"https:\/\/enterprise.press\/stories\/2018\/07\/03\/tenders-and-auctions-act-gets-renamed-as-public-contracts-act-after-receiving-preliminary-nod-from-parliaments-general-assembly\/\">preliminary nod from the House<\/a> of Representatives on Monday and is expected to come to a plenary session vote soon.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 capital of EGP 5 bn. [&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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-626565","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"49c0e487-8a70-4369-a5e7-1b02b0454391","order":"0","is_powered_by":true,"section_story_id":"a3795e0a-f49a-47e2-8dea-97c6fac91b20","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>Council of State\u2019s legislative division signs off on draft legislation establishing sovereign wealth fund - 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\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Council of State\u2019s legislative division signs off on draft legislation establishing sovereign wealth fund\" \/>\n<meta property=\"og:description\" content=\"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 capital of EGP 5 bn. [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/\" \/>\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\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Council of State\u2019s legislative division signs off on draft legislation establishing sovereign wealth fund\",\"datePublished\":\"2018-07-05T04:02:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/\"},\"wordCount\":479,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/07\/05\/council-of-states-legislative-division-signs-off-on-draft-legislation-establishing-sovereign-wealth-fund\/\",\"name\":\"Council of State\u2019s legislative division signs off on draft legislation establishing sovereign wealth fund - 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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\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":626998,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/17\/house-signs-off-on-several-law\/","url_meta":{"origin":626565,"position":1},"title":"House signs off on several law","author":"enterpriseam admin","date":"17 July 2018","format":false,"excerpt":"LEGISLATION WATCH- House signs off on several laws, including Sovereign Wealth Fund Act and the Press and Media Act: The House of Representatives\u2019 general assembly signed off yesterday on the law establishing Egypt\u2019s EGP 200 bn sovereign wealth fund, Al Mal reports. The law gives the fund complete financial independence\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":626565,"position":2},"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":[]},{"id":626943,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/16\/egypts-sovereign-wealth-fund-to-be-exempt-from-taxes-on-transactions-with-subsidiaries\/","url_meta":{"origin":626565,"position":3},"title":"Egypt\u2019s sovereign wealth fund to be exempt from taxes on transactions with subsidiaries","author":"enterpriseam admin","date":"16 July 2018","format":false,"excerpt":"LEGISLATION WATCH- Egypt\u2019s sovereign wealth fund will be exempt from paying taxes on transactions with any of its subsidiary funds. The House of Representatives\u2019 Budget Committee reached an agreement yesterday with Finance Minister Mohamed Maait to tax only transactions with non-affiliates, Youm7 reports. We reported on Sunday that amendments had\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":630712,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/30\/egypts-sovereign-wealth-fund-to-be-given-financial-and-legal-independence\/","url_meta":{"origin":626565,"position":4},"title":"Egypt\u2019s sovereign wealth fund to be given financial and legal independence","author":"enterpriseam admin","date":"30 April 2018","format":false,"excerpt":"LEGISLATION WATCH- Egypt\u2019s sovereign wealth fund to be given financial and legal independence: Egypt\u2019s new sovereign wealth fund and any subsidiary under it would not be subject to local business laws, according to Al Mal\u2019s reading of a draft of the law establishing the fund. Other aspects of the law\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":629759,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/01\/government-could-introduce-legislation-within-weeks-to-establish-a-sovereign-wealth-fund\/","url_meta":{"origin":626565,"position":5},"title":"Government could introduce legislation \u201cwithin weeks\u201d to establish a sovereign wealth fund","author":"enterpriseam admin","date":"1 April 2018","format":false,"excerpt":"The government could introduce legislation \u201cwithin weeks\u201d to establish a sovereign wealth fund, unnamed state officials tell Al Masry Al Youm. The Justice Ministry is reportedly finalizing the text of a proposed draft bill, prepared by the Planning Ministry, to establish and govern the fund, which will aim to put\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\/626565","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=626565"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/626565\/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=626565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=626565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=626565"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=626565"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=626565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}