Egyptian President Abdel-Fattah El-Sisi ratified on Thursday, June 1, the new investment law No. 8, after it was passed by the House of Deputies, Invest-Gate reports.

The new law grants investors a number of incentives including a 50% tax discount on investments in underdeveloped areas and 30% discount on labor-intensive and national projects along with small and medium enterprises (SMEs).

Under the legislation, the government will support the cost of connecting utilities to new projects. Investors will also be offered a 50% rebate on cost of purchasing land for industrial projects if production begins within a period of two years.