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Monday, 27 June 2016

Gov’t to make state-owned land allocations through GAFI optional –sources

The Ismail government is reportedly looking into amending the Investment Act to make allocating state-owned land plots through the General Authority for Investment and Free Zones (GAFI) optional, sources told Al Borsa. The amendments will allow state bodies including the New Urban Communities Authority and the Industrial Development Authority to continue issuing land plots and not require them to abide by the one-stop shop regulations through GAFI. Mohamed Khodeir, the newly appointed head of GAFI, said the authority is soliciting suggestions for amendments to the legislation to go along with the legislative agenda, which includes clauses regulating bankruptcy and sole proprietorship. Cabinet paved the way for the amendments last week, as we reported in our wrap-up on last Wednesday’s cabinet meeting.

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