Egypt's parliament is considering a bill to grant citizenship to foreigners who deposit at least EGP 7 million (Dh1.4 million) in the country for five years, according to local media reports.
Members discussed the amendment to the naturalisation law during an open session in the House of representatives on Sunday, but speaker Ali Abdel Aal said a final vote was postponed because of a lack of quorum.
The existing law stipulates at least 10 continuous years of residency for obtaining citizenship, among other requirements.
Not all the MPs were in favour of the amendment, with some saying the move would allow foreigners to “buy” citizenship. However, others compared the proposal to existing practices in other countries.
“The Egyptian nationality is not bought or sold, but all countries in the world provide long-term residence, as long as they do not disrupt the general peace,” said Mr Abdel Aal.
The cabinet approved amendments to the citizenship law for a vote in parliament in 2016, but it was amended further in 2017 before being brought before the house this year.
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[ Egypt detains prominent opposition leader ]
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Foreigners seeking citizenship must also be able to speak Arabic and have no criminal record.
Naturalised Egyptians are allowed to stand for parliament 10 years after gaining citizenship provided they give up their original nationality.
Recent amendments to Egypt's citizenship law include a decision last year to grant government the authority to withdraw the citizenship of convicted terrorists.
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Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
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WITHIN SAND
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Karnatake Tuskers 114-1 (10 ovs)
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Bangla Tiger win by five wickets
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Mark Chahwan, co-founder and chief executive of robo-advisory firm Sarwa, forecasts that Generation Alpha (born between 2010 and 2024) will start investing in their teenage years and therefore benefit from compound interest.
“Technology and education should be the main drivers to make this happen, whether it’s investing in a few clicks or their schools/parents stepping up their personal finance education skills,” he adds.
Mr Chahwan says younger generations have a higher capacity to take on risk, but for some their appetite can be more cautious because they are investing for the first time. “Schools still do not teach personal finance and stock market investing, so a lot of the learning journey can feel daunting and intimidating,” he says.
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Started: March, 2020
Co-founders: Sami Elayan, Saed Elayan and Zaid Azzouka
Based: Dubai
Industry: Technology and food delivery
Initial investment: Dh75,000
Investor: Dtec Startupbootcamp
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Stars: Ramy Youssef, Amr Waked, Mohammed Amer
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Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
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Industry: Sustainability & Environment
Funding: $200,000 plus undisclosed grant
Investors: Venture capital and government
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Transmission: Single-speed automatic
Max touring range: 402km (claimed)
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Publisher: LucasArts
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Rating: 4/5
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Founder: Hani Abu Ghazaleh
Based: Abu Dhabi, with an office in Montreal
Founded: 2018
Sector: Virtual Reality
Investment raised: $1.2 million, and nearing close of $5 million new funding round
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Current number of staff: 16
Investment stage: Series A
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Seven tips from Emirates NBD
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Killing of Qassem Suleimani
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Company name: Klipit
Started: 2022
Founders: Venkat Reddy, Mohammed Al Bulooki, Bilal Merchant, Asif Ahmed, Ovais Merchant
Based: Dubai, UAE
Industry: Digital receipts, finance, blockchain
Funding: $4 million
Investors: Privately/self-funded