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New incentives for healthcare investors: Health Ministry together with the General Authority for Freezones and Investment have come up with a list of incentives to encourage investors to invest in healthcare projects across the country, Al Mal reports. Proposed projects are rated against a 12-point criteria and given a score out of 100 that determines what incentives investors can gain access to.
The kind of projects the government is looking to encourage: The bigger the better when it comes to capacity, with the number of beds contributing up to 25 out of the 100 points that projects are judged upon. The location of the project is judged as an important factor in deciding what incentives are made available, with projects planned for areas that are most in need of healthcare facilities able to bring in 15 points. Also each bringing in up to 15 points is the prevalence of FX in funding the project and how long the projects will take to get off the ground.
The projects will also be judged on: The project’s focus on research, amount of jobs it will create, number of beds offered for no charge, medical specialisms, proliferation of technological expertise, use of renewable energy, training offered, and corporate social responsibility also contribute with smaller weights to the project’s overall rating.
The incentives on offer and for who:
- Healthcare projects scoring between 85-100 will be able to receive a golden license, ten years of being exempt from usufruct fees, and the state covering half of training costs, among other incentives;
- Projects scoring 75-85 will get the same incentives, but the state will only fund 30% of training costs and get a five-year exemption from land use fees;
- Projects in the 65-75 range will still receive a golden license and other incentives, but the state will only cover 15% of training costs and offer a three-year exemption from land use fees;
- While for projects racking up between 50-65 points, investors will get the same package but with a commitment from the state to fund 5% of training costs and offer a two-year exemption from land use fees.
