Egypt Proposes Restructuring of Future of Egypt Authority Under Presidential Oversight

The Egyptian government has introduced a draft law that would restructure the Future of Egypt authority, placing it directly under the president and expanding its economic powers.

• The draft law would transform the authority from a military-linked body focused on agriculture and industry into a comprehensive economic entity reporting directly to the president.
• The president would be allowed to transfer state-owned land, company shares, and assets to the authority without parliamentary approval, and the authority could acquire other sovereign funds.
• The law proposes creating two new funds: a sovereign wealth fund called “Nile Pyramids” and a social spending fund named “Daem.”
• The authority would be exempted from civil service, public procurement, and public-sector wage cap laws, and legal challenges to its contracts or asset transfers would be restricted.

Latest developments

• The House of Representatives approved an amendment to the Future of Egypt restructuring law, granting a three-month period for presidential decrees to identify lands owned by the authority that meet sustainable development criteria.
• Egypt's House of Representatives has approved Article 5, which allows the president to enlist state agencies to assist the Future of Egypt Authority in its tasks.
• Parliament approved a three-month deadline for a presidential decree to designate pre-existing lands transferred to the authority as sustainable development zones.
• Parliament granted the authority a one-year grace period to adjust its status under the new law, extendable to three years by presidential decree.
• Minister of Parliamentary Affairs Hanafi Azab said the law reflects an evolution in administrative tools, not a failure of state institutions.