Egypt's parliament gave final approval on Tuesday to a law that formalises the expansion of the military-linked Future of Egypt Authority into the country's most powerful economic body and places it under direct presidential oversight.

The legislation cements the authority's rise under President Abdel Fattah Al Sisi from a land reclamation project launched in 2017 into a sprawling state entity with responsibilities spanning strategic commodity imports, agriculture, fisheries, real estate and investments.

The House of Representatives passed the bill after two days of debate following a review by a joint parliamentary committee, which secured amendments including parliamentary approval for the designation of "development zones", oversight by Egypt's state audit agency and parliament, and a cap on annual fee increases within those zones.

The bill concentrates planning, licencing, land allocation, investment, asset management, oversight and revenue-collection powers within a single body.

Bill awaits presidential assent

Addressing lawmakers, the authority's executive director, Bahaa Al Ghannam, said the legislation was intended to restructure the body's governance and define its direct subordination to the president. He described the authority's role as an incubator for investors rather than an investor itself.

The legislation also establishes a sovereign fund, Pyramids of the Nile, and a parallel services fund.

Not all lawmakers backed the bill without reservations.

The legislation now awaits presidential ratification.