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Sisi allows army to establish companies with foreign capital

Egyptian president Abdel Fatah Al-Sisi issued a resolution yesterday that allows the Armed Forces to establish companies with national or foreign capital.

Resolution 446 of 2015 determines the rules for dealing with land and property vacated by the Armed Forces and to allocate its revenue to the construction of alternative military areas, the Official Gazette reported yesterday.

The resolution also stated that the Armed Forces are tasked with preparing alternative military cities and areas to those that were vacated, as well as providing all services and activities that will develop the Armed Forces’ resources. In this context, the Armed Forces are given permission to establish all forms of companies, either on their own or in partnership with national or foreign capital.

Former interim president Adly Mansour’s government had tasked companies associated with the army with a number of large projects in the infrastructure sector.

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