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JLCC
- March 23, 2023
Investment Law No. 72 of 2017 confirmed the issuance of the investment law according to the latest amendment issued on July 31, 2019, that it allows the establishment of technology zones in the “information and communication industry”.
Article 32 of the law stipulates: “The prime minister may, based on a proposal by the authority’s board of directors and at the request of the minister concerned with communications and information technology affairs, authorize the establishment of technological zones in the field of information and communication technology industry, including industrial activities, design and development of electronics, data centers, outsourcing activities, and software development.” , technological education, and other activities related to it or complementary to it, all in accordance with what is indicated in the executive regulations of this law, and other activities may be added by a decision of the Prime Minister based on a joint proposal from the competent minister and the minister concerned with communications and information technology affairs.
All tools, supplies, and machines necessary to carry out the licensed activity for projects located within the technological zones of all kinds are not subject to taxes and customs fees, according to the conditions and procedures indicated by the executive regulations.
The projects established in the technology zones enjoy the special incentives stipulated in Article 11 of this law, according to the sector in which they are established.
Each region shall have a board of directors to be formed by a decision of the minister concerned with communications and information technology affairs, in agreement with the competent minister. The region’s board of directors shall set the controls and standards necessary for carrying out the activity, as well as approving the establishment of projects within the borders of the region.
The members of the Board of Directors are obligated to disclose all their funds, provided that this disclosure is submitted and reviewed annually by an independent authority to verify that there is no violation or actual or potential conflict of interest, provided that a report is submitted to the Supreme Council through the competent minister.
The provisions of Chapters One and Two of this law shall apply to investment in the technology zones system, as long as they do not conflict with the nature of work in this system.
The executive regulations of this law shall specify the conditions and controls for its work and the method of its management.