A presidential decree issued by President Abdel Fattah Al Sisi dictates that pieces of lands in some industrial zones can be allocated to investors at no cost. The decree was published in the state’s official gazette, Ahram Online reported.
The decision is premised on Article 74 of Egypt’s investment law, which stipulates that for a period of five years starting April 2015, government-owned land and real estate can be allocated free of charge to investors who satisfy certain technical and financial capabilities for development purposes, according to Aswat Masriya.
The land will be allocated pursuant to a decree by the president upon the approval of the cabinet. In the event of high levels of competition among investors to acquire such an opportunity, a lottery mechanism will be followed, according to Article 74.