CAIRO: The Ministry of Defense, police and intelligence are now able to establish guard and security companies per a Sunday decree by President Abdel Fatah al-Sisi.
The decree aims to reduce the use of weapons by civilians, retired staff officer Mohamed Mukhtar Qandil told The Cairo Post Monday.
Besides securing vital entities, the decree allows civilian parties such as schools and hospitals to contact security bodies and companies to report any potential “terrorist threats,” he added.
Private security companies are available in Egypt; Falcon is contracted to secure several universities. However, contracting the military or the police to guard institutions would facilitate dealing with threats rapidly, according to Qandil.
A Joint-stock security company must obtain a prior permit from the Ministry of Interior for 100,000 EGP (around $12,771) and approval from the Egyptian intelligence, according to the Egyptian law.
The company must be owned by Egyptians only and its capital may not be less than 300,000 EGP (around $38,314.)
The director of the company must provide the Ministry of Interior with all information on the company employees within 15 days from the date of their appointment.