Prime Minister Sherif Ismail approved the executive regulations of the Investment Act at a Thursday meeting of cabinet. “Investment Minister Sahar Nasr said the law will now be passed to Egypt’s administrative court, the state council, which is expected to give a final legal review before the law enters into force,” Reuters reports. The newswire notes that “new incentives under the investment law include a 50% tax discount on investments made in underdeveloped areas, and government support for the cost of connecting utilities to new projects. Under the law, investors can recoup half of what they pay to acquire land for industrial projects if production begins within two years. It also restores private-sector free zones.” Nasr reiterated that the government is bound by 90-day period to implement the law and have the executive regulations issued, according to Al Masry Al Youm.

…Apart from signing off on the investment act’s executive regulations, the Ismail cabinet also approved a draft law to extend the mandate of the Arab Petroleum Pipelines Company (SUMED) for 27 years.

Meanwhile: Top regional executives from Pfizer, Sanofi, MSD Pharma and others met with Nasr, according to a ministry statement.

Oh, and the number of new businesses formed in July 2017 was more than 50% above the same figure in July of last year, according to an Investment Ministry statement. Of more than 1,350 new businesses incorporated last month, c. 37% were in services and 32% in manufacturing.