Law to Restructure Egypt's Future Authority for Sustainable Development

SadaNews - The official gazette in Egypt reported today, Monday, that President Abdel Fattah el-Sisi has issued a law regarding the restructuring of the Future Authority for Sustainable Development, which is concerned with agricultural and industrial development and the importation of goods, transforming it into a wide-ranging economic body directly subordinate to the President.

The law grants the authority the ability to acquire lands and state-owned companies, and to manage "sustainable development areas" that are tax-exempt.

Since 2024, the "Future of Egypt" has been tasked with managing one of the largest wheat import operations globally.

It has also taken over the management of large lakes and fisheries in Egypt, captured the largest share in the Egyptian commodity exchange, and expanded its activities to include high-end housing, construction, renewable energy, and infant formula.

The authority has been tasked with reclaiming approximately 4.5 million acres, equivalent to nearly half of Egypt's current agricultural area, as part of agricultural expansion and development projects.

This law comes as part of the government's efforts to restructure state asset management amid economic pressures and the reform program agreed upon with the International Monetary Fund.

Reuters reported this month that the new draft law includes the establishment of a new sovereign fund named "The Future of Egypt Sovereign Fund" or "Nile Pyramids," which will invest assets designated by the state both inside and outside Egypt, and establish partnerships with foreign sovereign funds, contributing to the development and preservation of national wealth for future generations.

It will also create a parallel social fund named "Support," which will direct investment returns to finance projects in education, health, housing, and infrastructure, with an emphasis on social justice and equal opportunities.

Source: Reuters