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Egypt’s parliament passed a law on Tuesday that formalises the expansive economic powers of the military-linked Future of Egypt Authority, officially placing the giant entity under direct presidential oversight.
The legislation cements the body’s rise from a modest 2017 land reclamation project into a sprawling state conglomerate with vast control over agriculture, real estate, fisheries, and strategic commodity imports.
The decision directly challenges demands from the International Monetary Fund (IMF), which has urged Egypt to reduce the economic footprint of military-owned firms and create a fairer market for private businesses.
Instead, this new law concentrates planning, licensing, land allocation, and revenue collection within this single military-linked body while granting it exemptions from several standard public regulations.
While the authority’s director, Bahaa al-Ghannam, defended the law by framing the body as an incubator for outside investors rather than a direct competitor, the bill faced pushback during parliamentary debates.
Sceptical lawmakers warned that bypassing normal legal frameworks and rushing the bill through the legislature severely weakens the country’s civilian government apparatus.
