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Tuesday, 30 August 2016

Free zones will make a comeback as part of amendments to the Investment Law

Free zones are coming back: The state could bring back free zones, it seems, after the incentive was one of 10 amendments to the Investment Law proposed by a committee headed by Investment Minister Dalia Khorshid, Al Ahram reports. The new amendments would also establish special investment zones and grant the boards of these zones the right to set rules and guidelines for operating in them. Other amendments noted by the newspaper include incentives for SMEs. It has yet to be announced if the amendments will resolve the issue of government tendering land, which restricts that function to the General Authority for Free Zones and Investments. The Ismail cabinet has been edging away from the clause, granting other government bodies such as the Industrial Development Authority the right to sell land to investors.

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