{"id":647248,"date":"2017-05-07T04:00:05","date_gmt":"2017-05-07T04:00:05","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/07\/house-approves-investment-act\/"},"modified":"2017-05-07T04:00:05","modified_gmt":"2017-05-07T04:00:05","slug":"house-approves-investment-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/07\/house-approves-investment-act\/","title":{"rendered":"House approves Investment Act"},"content":{"rendered":"

<\/a> The House of Representatives has approved all remaining articles of the Investment<\/strong>Act<\/strong>, according to a statement (pdf)<\/a> 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<\/a> reports. The Finance Ministry appears to have made its peace with the return of private-sector-run free zones<\/strong>, with Deputy Finance Minister Mohamed Maait telling Al Masry Al Youm<\/a> that the ministry will be working on regulations to govern the zones. Establishing a private free zone would require the approval of the entire cabinet, a condition which helped win over the Finance Ministry, said Deputy Finance Minister Amr El Monayer, according to Al Mal<\/a>. Deadlock on this and other contentious amendments to the law were apparently resolved during a sitdown between Prime Minister Sherif Ismail and House Speaker Ali Abdel Aal. El Monayer added that the amendment would set a cap on investment incentives at 80% of the capital invested in any one project.<\/strong><\/p>\n

The act\u2019s executive regulations will be out within a month<\/strong>, Investment and International Cooperation Minister Sahar Nasr told Al Masry Al Youm<\/a>. She made sure to point out that all ministries will be consulted during the drafting. Ministry officials also took to the local press to remind everyone that it was the House Economics Committee that raised the ceiling on investment incentives for any one project above the 40% specified in the ministry\u2019s first draft of the act.<\/p>\n

GAFI will not be the final arbiter of land allocation for business: <\/strong>The House also reportedly approved articles that would give the Trade and Industry Ministry and the CIT Ministry the authority to sell state land to the private sector, Al Mal<\/a> reports. An earlier draft had granted the General Authority for Free Zones and Investments the overall power to privatize land for investment. It is still unclear how this will work given what appear to us to be conflicts with other laws including the State Lands Act, which grants ministries and authorities the right to tender land under their jurisdiction.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Finance Ministry appears to have […]<\/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-647248","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"683c0c3d-c560-49c3-acc6-f9b60826fd82","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[647242],"teaser":"","voice_url":""},"yoast_head":"\nHouse approves Investment Act - 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\/07\/house-approves-investment-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"House approves Investment Act\" \/>\n<meta property=\"og:description\" content=\"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. 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Committee members expect to finalize their discussions in two weeks\u2019 time before the bill comes up for a vote by the House as a whole\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":647133,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/03\/house-gives-preliminary-nod-to-investment-act-postpones-vote-to-discuss-private-free-zones\/","url_meta":{"origin":647248,"position":1},"title":"House gives preliminary nod to Investment Act, postpones vote to discuss private free zones","author":"enterpriseam admin","date":"3 May 2017","format":false,"excerpt":"The House has approved the Investment Act in principle, but postponed its final vote to today until issues over private free zones are put to rest. 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":647802,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/05\/21\/house-economics-committee-and-finance-ministry-form-joint-slush-fund-to-review-state-slush-funds\/","url_meta":{"origin":647248,"position":2},"title":"House Economics Committee and Finance Ministry form joint slush fund to review state slush funds","author":"enterpriseam admin","date":"21 May 2017","format":false,"excerpt":"Task force to look into slush funds: The House of Representatives\u2019 Economics Committee formed a joint task force with the Finance Ministry that will begin looking into the special revenue funds, Al Mal said on Saturday. 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