403 investors in Egypt apply to acquire industrial units in 7 complexes

Investors have applied to acquire 650 units

Power plants at sunset, industrial and transportation. Image used for illustrative purpose.

Power plants at sunset, industrial and transportation. Image used for illustrative purpose.

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Minister of Trade and Industry Nevine Gamea announced, on Wednesday, that 403 investors have applied to acquire 650 units in 7 industrial complexes that were launched in October in the governorates of Alexandria, Red Sea, Gharbeya, Beni Suef, Minya, Sohag, and Luxor.

Gamea added that the procedures for allocating new industrial units are currently being finalised, noting that the ministry has provided large and unprecedented facilities for investors. Those facilities included cutting the price of the units’ tender booklet from EGP 2,000 to EGP 500 and EGP 300 in some cases. The Ministry also waived fees for submitting allocation requests and reduced value of each unit’s down payment from EGP 50,000 to EGP 10,000.

The Minister pointed out that the lease term for industrial units was extended from 5 to 10 years, in addition to allowing each investor to rent up to 8 units instead of four units only. The Ministry also cancelled the agency system to encourage only serious investors to start their small and micro projects.

Gamea emphasised that a study is currently underway to legalise the status of previously offered industrial lands, where serious investors will be given the chance to start projects and exploit the allocated lands. On the other hand, legal actions will be taken against land owners who have not launched their projects until now.

With regard to executive regulations for the micro, small, medium enterprises (MSMEs) law, Gamea said that the cabinet is currently reviewing the regulation for approval.

The law’s new regulations have been prepared in coordination with more than 40 agencies and ministries, including the MSMEs committee in the House of Representatives.

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