Investors could soon pay for their industrial land purchases in installmentsafter the cabinet greenlit a draft decision that would give payment terms to investors, manufacturers, and private-sector players. The terms would apply to industrial land with hooked-up utilities; the move is designed to make it easier for industrial investors to acquire land as cabinet looks to boost manufacturing.

In detail: According to the new mechanism, investors will pay 10% of the land’s value as a downpayment. They will then have a two-year grace period to build their factories, before they start making quarterly payments over the next four years.

TWO MORE GOLDEN LICENSES-

Two home appliance factories are getting their golden licenses: Cabinet has signed off on golden licenses for Bosch subsidiary BSH Home Appliances and Turkish retailer Beko. BSH’s golden license will go towards its EUR 30 mn oven factory in Tenth of Ramadan City, which is expected to come online next year, while Beko’s will help fast track its USD 100 mn home appliances factory, also being constructed in Tenth of Ramadan.

Golden licenses? Golden licenses fast-track new industrial and infrastructure projects. Also known as “single approval licenses,” they allow investors to require only one approval that covers everything from establishing the project, land allocation and building licensing, through to operation and management.

TAKE YOUR TIME, EXPATS-

Expat car import scheme facilities get the stamp of approval: Expats now have five years to bring their vehicles into the country instead of one year, after the cabinet greenlit a series of facilities aimed at increasing demand for its car import scheme and bring in more hard currency. The age of vehicles imported under the scheme should not exceed three years by the time of customs clearance under the changes.

AND…

Cabinet also approved:

  • Facilities for real estate players, that includes a 20% deadline extension on projects and a reduction of the interest rate paid on installments.
  • International funding for the Sokhna-Alex high-speed rail link from European banks, the cabinet said, without disclosing further info.
  • Palm Hills’ Badya University, which will include eight faculties and will kick off operations for the upcoming academic year in September.
  • A draft presidential decree to join two international road traffic conventions that establish a unified set of traffic rules between signatory countries.
  • More presidential pardons: A number of detainees will be released on the occasion of Eid El Fitr and Sinai’s liberation.
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