Asharq Al-awsat English Middle-east and International News and Opinion from Asharq Al-awsat Newspaper

Egypt to Establish Stable Tax System, Clear Investment Incentives

Egypt to Establish Stable Tax System, Clear Investment Incentives

Monday, 23 January, 2023 - 08:30
Egyptian Prime Minister Mostafa Madbouly with CEO of the General Authority for Investment and Free Zones, Hossam Haiba (Asharq Al-Awsat)

Egypt is currently developing several proposals to improve its investment climate, including a stable tax system and clear investment incentives, announced the CEO of the General Authority for Investment and Free Zones, Hossam Haiba.

Egyptian Prime Minister Mostafa Madbouly met with Haiba and the accompanying delegation and reviewed some procedures and measures to improve the investment climate in Egypt, including the mechanism for allocating land for investment projects and developing the system for issuing the required licenses.

Haiba asserted that the procedures and measures are essential for marketing and promoting a stable tax system and clear investment incentives, noting that a joint committee was formed from the Investment Authority and the tax and customs authorities for this purpose.

He said they would also address the investors' issues, adding that they must consider some legislative amendments related to the investment climate.

Haiba listed some of the offers the Investment Authority received from companies in several sectors before launching or expanding their activity in Egypt.

He referred to the requests submitted to the authority to establish industrial investment projects, especially in the 10th of Ramadan City, given its distinguished infrastructure and proximity to many ports and roads.

The Prime Minister welcomed any new investments, especially in the industrial sector, pointing out that the state has worked to provide facilities and incentives to attract investments in various sectors during the last period.

Madbouly stated that the 10th of Ramadan City, among other cities, enjoys promising opportunities for industrial investments.

The Premier said that his government is working to simplify investment procedures, especially those related to industrial projects while communicating with the business community and industrialists to overcome any challenges they face in implementing their projects.

Meanwhile, the CEO of the Saudi Egyptian Developers Company, Mohammed el-Taher, revealed that the company achieved sales worth EGP12 billion during the year 2022, despite all the challenges faced by the real estate sector during the past year.

Taher emphasized that these numbers reflect customers' confidence in the company, which has presented more than 50 real estate projects that included 23,764 residential, commercial, and administrative units in various governorates.

Saudi Egyptian Developers is among the top ten companies in sales in 2022.

The CEO added that the company fully trusts the Egyptian market and has expansion plans during the coming period, through which it seeks to provide housing units that meet the requirements of various customers and support the local economy.

The Saudi Egyptian Developers pumped new investments in 2022 amounting to about EGP1.3 billion, and the company is currently working on establishing and developing seven projects that include more than 5,000 residential, administrative, and commercial units.

The company is currently preparing to open the Nile Pearl Hotel.

The Saudi Egyptian Developers Company is an Egyptian joint stock company established in 1975 under an international agreement between the governments of Egypt and Saudi Arabia.

The company increased its capital more than once and currently reached EGP1.9 billion.

Editor Picks