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.