Minister of Investment Sahar Nasr - File Photo
CAIRO – 17 August 2017: The Egyptian Cabinet approved the executive regulations of the New Investment Law and were referred to the State Council, Minister of Investment Sahar Nasr said Thursday.
Nasr added in a press conference that the law will support Suez Canal development zone (SCZone) and focus on providing services for investors.
The New Investment Law was approved by President Abdel Fatah al-Sisi on June 1 and aims to facilitate business procedures and accelerate arbitration of business disputes to offer incentives.
The law provides a range of incentives like tax breaks and rebates while reducing red tape for new projects. It stipulates investors get back half of what they pay to acquire land for industrial projects if production begins within 2 years, and provides a 50 percent tax discount on investments made in underdeveloped areas.
The executive regulations will for the first time stipulate a specific number of days that the government will have to approve new licenses and clearances, reducing the waiting time for starting new businesses.