Back to the complete issue
Thursday, 20 June 2019

Cabinet agrees to lower interest rates on industrial land purchases

CABINET WATCH- Gov’t agrees to lower interest rates on industrial land purchases: The cabinet has agreed to a proposal from the Industrial Zones Coordination Council to set the interest rate for industrial land purchases at 7% per year,instead of CBE rates, it said in a statement yesterday following its weekly meeting. The decree, effective for three years, aims to attract investment into the sector and create space for new industrial areas and jobs. The cabinet also agreed to:

  • Allocate a land plot to Bosch Home Appliances to build a factory in 10th of Ramadan City;
  • Increase the rent of state-owned land for poultry and livestock companies by 12% every three years under the right-to-use framework for 30 years;
  • Some amendments to the executive regulations of the Universities Act, including allowing Suez University to launch a dentistry section.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.