Minister of Industry and Trade Tarek Kabil said that the prime minister had issued a decree determining the technical and financial conditions to be met by investors who may obtain industrially ready lands in Upper Egypt for free, noting that the decision will be effective upon publishing in the Official Gazette.
The minister added that this decision comes as a result of the implementation of earlier decisions made by the Supreme Council for Investment and proposals submitted by the Ministry of Industry and Trade in order to encourage investors to invest in Upper Egypt governorates.
He noted that the decision sets a deadline for granting lands in Aswan, Luxor, New Valley, Sohag, Assiut, Beni Suef, and Qena by 31 March 2020.
Moreover, the decision prioritised granting lands for free to heavy labour projects in Upper Egypt that work on increasing the ratio of local components or those that export production.
In addition, lands will be granted to projects in the electricity sector, including traditional and renewable energy sources.
The land to be granted will not exceed the need of each project, with a maximum of 40,000 sqm per project.
The Industrial Development Authority (IDA) will be granted the authority to approve exempting projects from the maximum area if necessary.
The prime minister’s decision holds investors that obtain free lands to several conditions, including beginning the establishment of their projects within one year of receiving the lands. Should this condition be violated, actions will be taken to reclaim the land.
In addition, the project should become operative within a maximum period of three years.