The government has submitted a draft law to the House of Representatives to reorganize the Mostaqbal Misr Agency (Future of Egypt for Sustainable Development), which would transfer its oversight directly to the president and establishing a new sovereign wealth fund called the “Nile Pyramids” along with a service fund named “Daem” (Support). The draft also grants the agency and the two funds broad powers to manage assets and projects, according to the draft law reviewed by Al Manassa.
The House of Representatives’ Constitutional and Legislative Affairs Committee is scheduled to discuss the draft law on July 8, ahead of referring it to the full House.
Under the draft, the sovereign wealth fund, officially named the “Mostaqbal Misr Sovereign Wealth Fund – Nile Pyramids”, will invest funds inside and outside Egypt with the goal of maximizing long-term returns. It will have technical, financial, and administrative independence, as well as the same tax and customs exemptions granted to the Egypt Sovereign Fund.
The draft also grants the president the authority to transfer ownership of any state-owned assets or funds, whether currently in use or not, to the new fund. It further authorizes the president to transfer ownership of any similar national funds to it by presidential decree.
The new fund’s mandate closely resembles that of the Sovereign Fund of Egypt, established in 2018 to “maximize returns from state assets.” That fund, however, has faced criticism in recent years over limited disclosure of its activities and its broad powers to transfer ownership of public assets.
The draft law also provides for the establishment of a service fund called “Daem”, which, according to the explanatory memorandum, is intended to promote social justice and solidarity, and help establish and manage service and development projects in education, healthcare, housing, infrastructure, scientific research, and training, in cooperation with state institutions.
These amendments extend beyond creating the two funds. The draft law also reorganizes the Mostaqbal Misr Agency as a national body reporting directly to the president with technical, financial, and administrative independence. It grants the agency the power to establish subsidiary companies, borrow funds, receive grants and donations, and manage national projects and sustainable development zones.
The draft designates lands already transferred to the agency before the law takes effect as “sustainable development zones,” defined as strategically important areas allocated for national projects or projects that complement them. It also authorizes the establishment of new zones by presidential decree.
The draft grants these zones incentives and exemptions similar to those enjoyed by free zones, along with special import and export regulations and powers to manage mines, quarries, and salt flats located within them.
It also allows ministries and public authorities to assign the management or use of their assets, or transfer some of their responsibilities, to the Mostaqbal Misr Agency through protocols approved by the Cabinet or by presidential decree.
Mostaqbal Misr began as a project managed by the Air Force aimed at “bridging the gap in imported agricultural products.” It was later converted into an agency officially established in 2022, with its activities expanding to include agriculture, industry, logistics, energy, tourism, construction, and other sectors—drawing criticism as an example of the expanding investment footprint of military-affiliated companies.
In response to criticism from the International Monetary Fund over the military’s growing role in the economy over the past decade, the government recently announced plans to privatize a stake in Wataniya fuel stations, which are affiliated with the National Service Projects Organization. In February, Mostaqbal Misr Director Bahaa El Ghannam said the agency was considering listing some of its subsidiary companies on the stock exchange.
Days earlier, President Abdel Fattah El-Sisi announced that he had tasked the Mostaqbal Misr Agency with launching a national program to regulate commodity prices. An assistant supply minister said the program would, among other mechanisms, rely on expanding the “Carry On” retail chain through cooperation between the Ministries of Supply and Agriculture and the agency.
