Egyptian President Abdel Fattah Al Sisi speaks at his swearing-in of the second presidential term, at a ceremony, at the House of Representatives in Cairo, Egypt, June 2, 2018 in this handout picture courtesy of the Egyptian Presidency. The Egyptian Presidency/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY
Egyptian MPs, ministers and religious leaders attend the swearing in of President Abdel Fattah El Sisi in parliament on June 2, 2018. The Egyptian Presidency via Reuters

Egypt set to offer new path to citizenship



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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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
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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)

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Rating: 3/5

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Karnatake Tuskers 114-1 (10 ovs)

Charles 57, Amla 47

Bangla Tigers 117-5 (8.5 ovs)

Fletcher 40, Moores 28 no, Lamichhane 2-9

Bangla Tiger win by five wickets

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How will Gen Alpha invest?

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.

He advises millennials to not always start with an aggressive portfolio even if they can afford to take risks. “We always advise to work your way up to your risk capacity, that way you experience volatility and get used to it. Given the higher risk capacity for the younger generations, stocks are a favourite,” says Mr Chahwan.

Highlighting the role technology has played in encouraging millennials and Gen Z to invest, he says: “They were often excluded, but with lower account minimums ... a customer with $1,000 [Dh3,672] in their account has their money working for them just as hard as the portfolio of a high get-worth individual.”

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Company Profile

Company name: Fine Diner

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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Total sales: Over 1,000 deliveries in three months

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Creators: Ari Katcher, Ryan Welch, Ramy Youssef
Stars: Ramy Youssef, Amr Waked, Mohammed Amer
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Company Profile

Name: HyveGeo
Started: 2023
Founders: Abdulaziz bin Redha, Dr Samsurin Welch, Eva Morales and Dr Harjit Singh
Based: Cambridge and Dubai
Number of employees: 8
Industry: Sustainability & Environment
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Investors: Venture capital and government

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Directors: Gayatri, Pushkar

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The specs

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COMPANY PROFILE

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
Number of employees: 12

Company Profile

Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices

Seven tips from Emirates NBD

1. Never respond to e-mails, calls or messages asking for account, card or internet banking details

2. Never store a card PIN (personal identification number) in your mobile or in your wallet

3. Ensure online shopping websites are secure and verified before providing card details

4. Change passwords periodically as a precautionary measure

5. Never share authentication data such as passwords, card PINs and OTPs  (one-time passwords) with third parties

6. Track bank notifications regarding transaction discrepancies

7. Report lost or stolen debit and credit cards immediately

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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