CABINET WATCH- Gov’t agrees to lower interest rates on industrial land purchases: The cabinet has agreed to a proposal from the Industrial Zones Coordination Council to set the interest rate for industrial land purchases at 7% per year,instead of CBE rates, it said in a statement yesterday following its weekly meeting. The decree, effective for three years, aims to attract investment into the sector and create space for new industrial areas and jobs. The cabinet also agreed to:

  • Allocate a land plot to Bosch Home Appliances to build a factory in 10th of Ramadan City;
  • Increase the rent of state-owned land for poultry and livestock companies by 12% every three years under the right-to-use framework for 30 years;
  • Some amendments to the executive regulations of the Universities Act, including allowing Suez University to launch a dentistry section.
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