In dollars.. The government: allocating plots of land in 11 cities to foreign companies

The Council of Ministers announced the approval of the Board of Directors of the New Urban Communities Authority, in its 186th and 187th sessions, held on February 11 and 19, 2024, of requests to allocate some plots of land to a number of companies, using the system of selling in US dollars from outside the country, in various areas, with a number of (62). Requested, in the cities of: New Damietta, October Gardens, New Obour, New Assiut, New Sohag, New Cairo, New October, Badr, Shorouk, 10th of Ramadan, and New Burj Al Arab, to implement residential, hotel, commercial, administrative, and investment activities. , medical, urban, recreational, textile, food industries, a car catering service station, playgrounds, and other activities.

In its session held on Wednesday, the Council of Ministers agreed to amend some provisions of the executive regulations of the Investment Law, by adding a new article No. 76 bis 1, which states that it is permissible in private service free zone projects established in implementation of partnership or investment contracts concluded by one of the state agencies with the investor. After the approval of the Council of Ministers, for the purpose of establishing major development projects, the private service free zone may include one or more sub-projects that undertake industrial activity in the field of light industries exclusively, provided that the area of the private service free zone for the main project is not less than one million square metres, and in accordance with the conditions and requirements. Contained in contracts, controls and procedures established by the Board of Directors of the General Authority for Investment and Free Zones.