Regulatory Alerts2022-01-01
Presidential Decree No. 128 of 2022 Excluding Sharm El-Sheikh, Dahab, and the Aqaba Gulf Tourism Sector from Sinai Development Law and PM Decree No. 1109 of 2022 Amending Capital Market Rules
President Abdel Fattah El-Sisi issued Decree No. 128 of 2022 to exempt Sharm El-Sheikh, Dahab, and the Aqaba Gulf tourism sector from the Integrated Development Law for the Sinai Peninsula, while maintaining strict Egyptian ownership and security approval requirements for real estate and investments. Prime Minister Mostafa Madbouly issued Decree No. 1109 of 2022 to amend the Capital Market Law Executive Regulations, imposing mandatory prior approvals from security agencies and the Financial Regulatory Authority for foreign and domestic acquisitions of shares in companies operating in these exempted areas. These decrees collectively establish a specialized regulatory framework for investment and property transactions in South Sinai's key tourist zones, balancing economic development with national security controls.