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Monday, 17 July 2017

Freezones to have a bigger role in 2034 investment strategy

Freezones are back in fashion under the new Investment Act, and the Investment Ministry has a strategy running through 2034 that will see more roll out nationwide, Investment and International Cooperation Minister Sahar Nasr told investors in Alexandria, according to a ministry statement. A public freezone is set to be established in each governorate, with a logistics center built for every port across the country. Private-sector-run free zones will also play a role in the strategy, Nasr said, with an emphasis on infrastructure and utilities projects. The state will offer 406 projects at freezones worth a total of USD 9.9 bn, she added, 71 of them in private freezones. Nasr also noted that SMEs will be welcome in freezones and emphasized that the Alexandria freezone will include a startup incubator.

Nasr also noted that the ministry’s investment map, which will outline the geographic distribution of some 600 priority projects, should be ready within the month, Al Borsa reports. The minister had previously said that the map would be out last week.

Meanwhile, Alexandria Governor Mohamed Sultan has submitted a request to the New Urban Communities Authority (NUCA) to allocate 700 feddans at the Borg El Arab freezone to the expansion of industrial installations there, according to Al Borsa.

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