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Thursday, 7 March 2019

Madbouly Cabinet approves amendments to the Investment Act

CABINET WATCH- Madbouly Cabinet approves amendments to the Investment Act: The Madbouly Cabinet approved on Wednesday amendments to the Investment Act that expand the application of the law. Under amendments to Article 12, any expansion to an already existing investment project is eligible for the incentives granted under the law, Investment Minister Sahar Nasr said. Amendments to Article 48 of the law seek to cap notary fees on contracts to EGP 10,000 in a bid to lower costs to investors, Nasr added.

Resurrecting the Ras Sudr airport? The cabinet also approved appropriating land for the development of an airport in Ras Sudr, according to a statement following the meeting. The EGP 2 bn zombie project had seen two tenders come and fail. Last we heard, there were discussions last October to issue a third tender for the project. Land will also be privatized and tendered in Ras Sudr to build resorts and tourism projects there.

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