The Egyptian cabinet, in its weekly meeting, has approved both laws of single shareholder company and establishing a space agency.
The government is determined to develop space technologies and launch satellites from Egypt; therefore, the law of launching a space agency was approved, according to the cabinet’s statement. The law of launching a space agency stated that the agency shall set a national space programme on the short, medium and long terms. The agency is as well responsible for following up the programme’s implementation; it has to provide necessary investments within the public budget and support studies, researches and education programmes. Also, the law dictates “The space agency shall support development programmes of space science and technology, strengthen the international strategic relationship in space science and technology field and finally represent Egypt on both regional and international levels.”
Moreover, the cabinet has approved the single shareholder company law in order to attract the informal sector to participate in the economic formal sector. Furthermore, the law supports establishing single shareholder projects by granting them the legal security they need.
Single shareholder company law dictates that a shareholder company shall enjoy guarantees and incentives, under law no 8 of 1997, and is subject to the terms and conditions of law no 159 of 1981. Under this law, general Authority for Investment and Free Zone is the official administrative body that is entitled to impose this law; in addition, the Minister of Investment is appointed to issue the executive regulation of this law. The executive regulation will include all the data and controls of establishing such companies.
