Egypt is restructuring a military-affiliated organization in charge of industry, agriculture, and key commodity imports into a more comprehensive economic body that will answer directly to the president of the country, Abdel Fattah al-Sisi.
President Abdel Fattah al-Sisi has approved legislation reforming the ‘Future of Egypt’ authority into a new economic body with additional powers and duties, according to the nation's official gazette, which was released on Monday.
As seen on Reuters, the authority will be empowered to create tax-exempt sustainable development zones, assume control of state-owned businesses and property, and manage various financial and investment funds under the new legislation.
The authority's position in Egypt's economy is further strengthened by the reorganization.
Future of Egypt has been in charge of overseeing one of the biggest wheat purchase projects in the world since 2024, which is essential to the nation's food security.
