President Abdel Fattah El Sisi has ratified new legislation placing the Future of Egypt Authority in the top tier of government. EPAInfoAuthority can absorb state land and companies, and run tax-free 'sustainable development zones'
Egyptian President Abdel Fattah El Sisi has ratified a law granting the army-linked Future of Egypt Authority sweeping new powers to manage the economy.
The authority, known as Mostaqbal Misr, will now report directly to the President, following its transfer of affiliation away from the Ministry of Defence.
The legislation enables the establishment of tax-free "sustainable development zones" by presidential decree, with state-owned land and facilities transferred to the authority.
Two new funds — the Pyramids of the Nile Sovereign Fund and Daem — will invest domestically and internationally, channelling returns into education, health, housing and infrastructure.
