{"id":594692,"date":"2019-09-04T03:56:24","date_gmt":"2019-09-04T03:56:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/"},"modified":"2019-09-04T03:56:24","modified_gmt":"2019-09-04T03:56:24","slug":"increased-freezone-fees-threaten-egypts-investment-climate-mp","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/","title":{"rendered":"Increased freezone fees threaten Egypt\u2019s investment climate: MP"},"content":{"rendered":"

Increased freezone fees threaten Egypt\u2019s investment climate, says Faragalla Group chairman:<\/b> The General Authority for Investment\u2019s (GAFI) decision to increase utilization fees for investors in freezones could have negative consequences on the investment climate in Egypt, warns Faragalla Group<\/a> Chairman Farag Amer, according to Ahram Online<\/a>. GAFI last week agreed to increase fees on freezone investments starting from January 2020. Amer, who is also the head of the House of Representatives\u2019 Industrial Committee, said that hiking fees threatens to undo the government\u2019s efforts to attract investors. \u201cThis is a very negative decision which will be a setback for Egypt\u2019s investment climate,\u201d he said. \u201cThe government should give greater incentives to investors rather than force them to pay greater fees.\u201d<\/p>\n

Background:<\/b> GAFI decided<\/a> on 27 August to raise utilization fees paid by investors for land in freezones from January 2020. Under the new rates, investors will pay USD 5 per sqm for land used for industrial projects, USD 9 \/ sqm for storage facilities, USD 18 \/ sqm for second hand auto trading businesses, and USD 28 for prefabricated buildings. Vacant land plots that have been recently developed or upgraded will be charged for the same activities USD 7 \/ sqm, USD 11 \/ sqm, USD 20 \/ sqm, and USD 30 \/ sqm, respectively. The Qaft City freezone is exempt from the fee increases.<\/p>\n","protected":false},"excerpt":{"rendered":"

Increased freezone fees threaten Egypt\u2019s investment climate, says Faragalla Group chairman: The General Authority for Investment\u2019s (GAFI) decision to increase utilization fees for investors in freezones could have negative consequences on the investment climate in Egypt, warns Faragalla Group Chairman Farag Amer, according to Ahram Online. GAFI last week agreed to increase fees on freezone […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,461,274,7196,125,2380,69],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594692","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-gafi","tag-house-of-representatives","tag-industry","tag-investment-watch","tag-speed-round","tag-tax","wpautop","entry"],"acf":{"mongo_id":"45308709-94e8-4f50-98b4-0600334469be","is_powered_by":true,"section_story_id":"1089335a-f7cd-46be-8978-5d36a4f66578","story_type":"1","photo_url":"","photo_position":"above","related_issue":[594680],"teaser":"","voice_url":""},"yoast_head":"\nIncreased freezone fees threaten Egypt\u2019s investment climate: MP - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increased freezone fees threaten Egypt\u2019s investment climate: MP\" \/>\n<meta property=\"og:description\" content=\"Increased freezone fees threaten Egypt\u2019s investment climate, says Faragalla Group chairman: The General Authority for Investment\u2019s (GAFI) decision to increase utilization fees for investors in freezones could have negative consequences on the investment climate in Egypt, warns Faragalla Group Chairman Farag Amer, according to Ahram Online. GAFI last week agreed to increase fees on freezone […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-04T03:56:24+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Increased freezone fees threaten Egypt\u2019s investment climate: MP\",\"datePublished\":\"2019-09-04T03:56:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/\"},\"wordCount\":220,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"GAFI\",\"House of Representatives\",\"industry\",\"investment watch\",\"SPEED ROUND\",\"tax\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2019\/09\/04\/increased-freezone-fees-threaten-egypts-investment-climate-mp\/\",\"name\":\"Increased freezone fees threaten Egypt\u2019s investment climate: MP - 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The General Authority for Investment (GAFI) could look at giving companies based in free zones a break, says Moatasem Rashed, the head of the Private Free Zones Investors Association, an industry association. 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