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The Sinai Development Agency Statut

The Sinai Development Agency Statutes
On August 23rd, 2012, the Prime Minister issued Decree No. 915 of 2012 (Official Journal, Issue No. 34 bis, on August 23rd, 2012) with the Statutes of the National Agency for the Development of the Sinai Peninsula (“Agency”). The Decree comes in application of Law No. 14 of 2012 regarding the Comprehensive Development in the Sinai Peninsula and its Implementing Decree. The new Decree does not add new objective or substantive provisions but merely organizes the Agency. However, it still includes some key elements, which are: • That the new Agency is deemed an economic public authority and is subject to the legal framework governing such authorities. • The decisions taken by the Agency’s Board of Directors must be approved by the Ministries of Defense and Interior and by the Intelligence Agency. • In spite of the fact that the new Agency is responsible for the “comprehensive development” of the Sinai, it has little executive powers to allow doing so, and the Agency has no powers to achieve such goal. This indicates that the Agency will be a regulator of investment and development in Sinai much more than a promoter or facilitator. • The Decree grants the Agency the powers to “halt” the operations of any commercial entity that infringes on the laws in Sinai. Accordingly, the Decree may complete the administrative structure of the new Agency, but it does not give it the tools to achieve its declared goals which are th promotion and facilitation of development and investment in Sinai.
On August 23rd, 2012, the Prime Minister issued Decree No. 915 of 2012 (Official Journal, Issue No. 34 bis, on August 23rd, 2012) with the Statutes of the National Agency for the Development of the Sinai Peninsula (“Agency”). The Decree comes in application of Law No. 14 of 2012 regarding the Comprehensive Development in the Sinai Peninsula and its Implementing Decree. The new Decree does not add new objective or substantive provisions but merely organizes the Agency. However, it still includes some key elements, which are: • That the new Agency is deemed an economic public authority and is subject to the legal framework governing such authorities. • The decisions taken by the Agency’s Board of Directors must be approved by the Ministries of Defense and Interior and by the Intelligence Agency. • In spite of the fact that the new Agency is responsible for the “comprehensive development” of the Sinai, it has little executive powers to allow doing so, and the Agency has no powers to achieve such goal. This indicates that the Agency will be a regulator of investment and development in Sinai much more than a promoter or facilitator. • The Decree grants the Agency the powers to “halt” the operations of any commercial entity that infringes on the laws in Sinai. Accordingly, the Decree may complete the administrative structure of the new Agency, but it does not give it the tools to achieve its declared goals which are th promotion and facilitation of development and investment in Sinai.