Egyptian Prime Minister Moustafa Madbouli on Monday issued a decree amending some articles of the Executive Regulations of Investment Law No. 2310 of 2017.
The first article, which is to replace Article No.76 of the Investment Law, includes allowing the cabinet to approve the establishment of any projects in the private free zones upon a proposal from the minister concerned after assessing and studying the project by the General Authority for Investment and Free Zones (GAFI) with a condition that the local component not to be less than 30 per cent and a maximum operation time frame of three years.
The proposed projects should ensure exportation rate of not less than 80 per cent with exception of some strategic projects of special importance.
The second article, which is titled “Article 76 Repeated” pertains to the establishment of services area in the private free zones to operate, develop and manage other subordinate services projects. In accordance with the relevant regulations and conditions, the key projects that will be set up in the private free zones will take the form of a shareholding company or a company with limited responsibilities.
