Egypt Amends Controls for Pricing of Industrial Lands

The Egyptian Cabinet, headed by Mostafa Madbouly, approved a draft decision to amend a resolution regarding controls for the management and pricing of industrial lands.

The amendment stipulated that the ownership of industrial lands prices shall be determined by a guided list, using the square meter share of the cost of the fencing works.

"The price shall be payed through a first installment of the total value of the lands at 10% of the total due, and granting a grace period of two years from the date of paying the first installment, during which the investor undertakes the establishment of the factory, with paying the rest of the value due in quarterly installments for a period of four consecutive years," according to a statement issued by the Cabinet.

The Cabinet stated that this step comes in implementation of the directives of the political leadership to overcome all obstacles and challenges facing investors, manufacturers and private sector institutions, in order to expand the establishment of various investment projects in a way that contributes to the promotion and localization of industry as one of the most important pillars of economic development.