{"id":647187,"date":"2017-05-04T03:54:19","date_gmt":"2017-05-04T03:54:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/04\/house-could-vote-on-investment-act-today-after-economic-committee-decides-to-keep-private-free-zones-against-finance-ministrys-wishes\/"},"modified":"2017-05-04T03:54:19","modified_gmt":"2017-05-04T03:54:19","slug":"house-could-vote-on-investment-act-today-after-economic-committee-decides-to-keep-private-free-zones-against-finance-ministrys-wishes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/04\/house-could-vote-on-investment-act-today-after-economic-committee-decides-to-keep-private-free-zones-against-finance-ministrys-wishes\/","title":{"rendered":"House could vote on Investment Act today after Economic Committee decides to keep private free zones against Finance Ministry\u2019s wishes"},"content":{"rendered":"

<\/a> After reports of drama yesterday and Tuesday, could today be the day the House <\/strong>finally votes on the Investment Act? <\/strong>The House of Representatives is expected to vote on the Investment Act in a plenary session today now that the debate over the return of private free zones has been put to rest, MPs tell Al Borsa<\/a>. The House Economic Committee voted on Wednesday to keep articles they introduced last Saturday that allow for the establishment of new private free zones, which the government of the day had stripped from the act in 2015.<\/p>\n

The House has the final say on the matter, but the committee\u2019s decision goes against the <\/strong>wishes of the Finance Ministry. <\/strong>The ministry had spoken against private-sector-run free zones several times over the past few months, arguing that the zones do little to boost exports and have a negative impact on state coffers. Deputy Finance Minister Amr El Monayer told Al Mal<\/a> that the ministry restated its objections to members of the Economic Committee, hoping to change their minds.<\/p>\n

Debate over free zones opens up a can of worms: <\/strong>Apart from private free zones, other amendments introduced by the committee appear to be stirring trouble with ministers who said they had not been notified in advance. Trade Minister Tarek Kabil was particularly unhappy about articles that would give the General Authority for Free Zones and Investment sole jurisdiction over tendering land to investors in various fields. Kabil reportedly threatened to pull out of the meeting<\/a> when the debate with MPs grew heated after he argued that the move adds unnecessary red tape to the process, which he believes should be carried by each respective ministry independently. Finance Minister Amr El Garhy was also displeased with the decision to offer additional incentives and tax rebates to investors, which MPs eventually agreed to curb. CIT Minister Yasser Al Qadi was also present at the meeting to lobby against the Economic Committee\u2019s move to remove articles relating to the establishment of technological zones.<\/p>\n

Tensions running high around the cabinet table? <\/strong>Unnamed state officials tell AMAY<\/a> that the ministers are not too happy with Investment and International Cooperation Minister Sahar Nasr, who is portrayed as having signed-off on the amendments without consulting them first. House Speaker Ali Abdel Aal is said to have had to broker talks between El Garhy and Nasr on Tuesday, Al Borsa says<\/a>. The ministers have reportedly asked Prime Minister Sherif Ismail to intervene, the newspaper adds, and Ismail met with House Speaker Ali Abdel Aal, according to Ahram Gate<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

After reports of drama yesterday and Tuesday, could today be the day the House finally votes on the Investment Act? The House of Representatives is expected to vote on the Investment Act in a plenary session today now that the debate over the return of private free zones has been put to rest, MPs tell […]<\/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-647187","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"b6c89d04-f25b-43ad-941e-e2d610251c7c","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647178],"teaser":"","voice_url":""},"yoast_head":"\nHouse could vote on Investment Act today after Economic Committee decides to keep private free zones against Finance Ministry\u2019s wishes - 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\/2017\/05\/04\/house-could-vote-on-investment-act-today-after-economic-committee-decides-to-keep-private-free-zones-against-finance-ministrys-wishes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House could vote on Investment Act today after Economic Committee decides to keep private free zones against Finance Ministry\u2019s wishes\" \/>\n<meta property=\"og:description\" content=\"After reports of drama yesterday and Tuesday, could today be the day the House finally votes on the Investment Act? 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The House of Representatives is expected to vote on the Investment Act in a plenary session today after MPs gave a preliminary nod to\u2026","rel":"","context":"In "Speed Round"","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":647077,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/02\/house-could-vote-on-investment-act-today\/","url_meta":{"origin":647187,"position":1},"title":"House could vote on Investment Act today","author":"enterpriseam admin","date":"2 May 2017","format":false,"excerpt":"The House of Representatives\u2019 general assembly is set to begin debate on theproposed Investment Act today. The prelude to a final vote on the bill comes after the House Economic Committee concluded its review, according to Al Borsa. We\u2019ll believe that when we see it, as the government is reportedly\u2026","rel":"","context":"In "Speed Round"","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":650422,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/23\/are-private-free-zones-making-a-comeback\/","url_meta":{"origin":647187,"position":2},"title":"Are private free zones making a comeback?","author":"enterpriseam admin","date":"23 March 2017","format":false,"excerpt":"Are private free zones making a comeback? The return of private free zones in the Investment Act is still on the table as far as the House Economic Committee is concerned, committee chairman Amr Ghallab said yesterday, according to Al Mal. The committee, which is still reviewing the draft investment\u2026","rel":"","context":"In "Speed Round"","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":647248,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/07\/house-approves-investment-act\/","url_meta":{"origin":647187,"position":3},"title":"House approves Investment Act","author":"enterpriseam admin","date":"7 May 2017","format":false,"excerpt":"The House of Representatives has approved all remaining articles of the InvestmentAct, according to a statement (pdf) from the Investment and International Cooperation Ministry on Thursday. The bill as a whole will now be put to a vote at the House in a plenary session today, Al Ahram reports. The\u2026","rel":"","context":"In "Speed Round"","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":650478,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/26\/house-to-split-investment-act-into-two-to-simplify-law-for-investors\/","url_meta":{"origin":647187,"position":4},"title":"House to split investment act into two to simplify law for investors","author":"enterpriseam admin","date":"26 March 2017","format":false,"excerpt":"House Economic Committee will split proposed Investment Act into two bills: The House of Representative\u2019s Economics Committee has decided to split the Investment Act into two separate bills: A primary 50-article bill concerned solely with investors and another 55- or 57-article bill to organize investment procedures and outline the role\u2026","rel":"","context":"In "Speed Round"","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":647304,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/08\/the-investment-act-has-passed-the-house\/","url_meta":{"origin":647187,"position":5},"title":"The Investment Act has passed the House","author":"enterpriseam admin","date":"8 May 2017","format":false,"excerpt":"At last, we have a new Investment Act: After months of debate and herding of cats, the House of Representatives\u2019 general assembly passed yesterday the Ismail government\u2019s Investment Act in a plenary session, Al Borsa reports. President Abdel Fattah El Sisi still has to sign off on the law and\u2026","rel":"","context":"In "Speed Round"","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\/647187","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=647187"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/647187\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/647178"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=647187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=647187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=647187"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=647187"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=647187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}