{"id":39625,"date":"2026-07-14T21:08:13","date_gmt":"2026-07-14T19:08:13","guid":{"rendered":"https:\/\/www.channelafrica.co.za\/channelafrica\/?post_type=news&#038;p=39625"},"modified":"2026-07-14T21:08:13","modified_gmt":"2026-07-14T19:08:13","slug":"egypts-parliament-formalises-economic-powers-of-military-linked-body","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/egypts-parliament-formalises-economic-powers-of-military-linked-body\/","title":{"rendered":"Egypt&#8217;s parliament formalises economic powers of military-linked body \u00a0"},"content":{"rendered":"<p>Egypt\u2019s parliament is reviewing a draft law that would expand the economic powers of a military-linked development body, placing it under direct presidential oversight and shielding its operations from standard institutional accountability, <em>Reuters<\/em> reports.<\/p>\n<p>&nbsp;<\/p>\n<p>The legislation would elevate the &#8220;Future of Egypt Authority&#8221; from its current focus on agricultural and industrial projects into an overarching economic powerhouse. According to a copy of the bill stamped by the cabinet, the authority would be empowered to absorb state-owned land and companies, operate tax-exempt &#8220;sustainable development zones,&#8221; and manage two brand-new investment funds: a sovereign wealth vehicle named &#8220;Nile Pyramids&#8221; and a social-spending fund named &#8220;Daem.&#8221;<\/p>\n<p>&nbsp;<\/p>\n<p>The draft law also allows the authority to take over other state-owned national, economic, or investment funds. Critically, the bill shields the entity&#8217;s contracts from most legal challenges and exempts it from standard civil service, public procurement, and public-company laws.<\/p>\n<p>&nbsp;<\/p>\n<p>Independent analysts note that the move signals a major consolidation of economic power directly under President Abdel Fattah al-Sisi, effectively turning the country&#8217;s fastest-growing enterprise into a body answerable only to the Presidency. The development comes at a sensitive time for Cairo, as the International Monetary Fund has repeatedly pressed Egypt to reduce the state&#8217;s dominant footprint in the economy and expand space for private-sector participation as part of its multibillion-Dollar bailout agreement.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211;Reuters\/ChannelAfrica&#8211;<\/p>\n","protected":false},"featured_media":39626,"template":"","meta":{"_acf_changed":false},"news-type":[44],"class_list":["post-39625","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Egypt expand military-linked body's economic powers under President","published_date":"2026-07-14 21:03:57","news_description":"Egypt expand military-linked body's economic powers under President","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/39625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/39625\/revisions"}],"predecessor-version":[{"id":39627,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/39625\/revisions\/39627"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/39626"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=39625"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=39625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}