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In order to further assuage investor concerns regarding the Egyptian authorities, the Law maintains the same guarantees as the previous law did.
It promises investors that government authorities will not be entitled to nationalize investment projects, expropriate them unless under certain fair compensation and conditions are met; and freeze or seize or impose guardianship except by virtue of a court order.
Furthermore, depending on the type of investment project and how necessary it is, the Prime Minister is entitled to issue decrees allocating certain plots of land/real properties for certain investment projects in particular, such as infrastructure projects, renewable energy projects, and projects to be completed through a public-private partnership.
In these circumstances, no further procedures are required in order to procure the land/property after the issuance of such decrees.
Under the new Law, starting an investment will be exempted from stamp tax, most governmental expenses, and land/property registration expenses.
Moreover, any required materials, equipment, supplies and transportation means (except for passenger cars) for engaging in the activity of the investment project are exempted from customs tax, value added tax and other taxes and expenses.However, in practice, the Industrial Development Authority directed investors towards industrial zones where similar activities were based.The new Investment Law revives the investment map concept.Likewise, the newly established technological zones will also be subject to the special tax benefits and incentives listed in the Law.With respect to free zones, they are established in Egypt by virtue of a Law.