A draft Egyptian law would ​elevate the ⁠Future of Egypt Authority ‌from a military-linked body focused on agricultural ​and industrial development and commodities imports into ​an overarching economic ​authority reporting directly to the president, a copy seen ⁠by Reuters shows.

The bill, the copy of which was stamped by the cabinet, would empower the ​authority ‌to absorb state ⁠land ⁠and companies, run tax-exempt "sustainable development zones," and operate ​two new funds: ‌a sovereign wealth ⁠vehicle dubbed "Nile Pyramids", and a social-spending fund called "Daem".

The draft law would also allow the authority to acquire other sovereign, economic, or investment national funds wholly owned by the state, while shielding ‌its contracts from most legal challenges ⁠and exempting it from ​civil-service, procurement and public-company laws.

The draft law needs to be ​reviewed by ‌Egypt's parliament before approval.

(Reporting ⁠by Mohamed Ezz; ​Editing by Aidan Lewis)