(AFP Photo)
Investment Minister Yehia Hamed discussed renewed government interest in working to help promote development in the Sinai region over the coming months, as part of a new state investment policy aimed at providing aid and funding to regions critical to increasing the overall economic growth of the country.
These statements came during a meeting held by the Sinai Development Authority, hosted by Prime Minister Hisham Qandil, and attended by Yehia Hamed, Minister of Housing and Urban Communities Tariq Wafiq, Minister of Industry and Foreign Trade Hatem Saleh, Minister of Health Moahmed Mustafa Hamed, President of the North West Gulf of Suez Economic Authority Ibrahim Abdel-Salam, and President of the Industrial Development Authority Mahmoud El-Garf.
During the meeting, Hamed discussed ways in which to help promote investment in various development projects taking place throughout Sinai, in addition to reviewing ways to best allocate land within the peninsula. All such land allocated would be sold only to Egyptians and operated through usufruct schemes. All lands made available would be announced on 28 June, he said.
He further discussed suggestions to establish special economic zones throughout Sinai, similar to those created by the North West Gulf of Suez Economic Authority passed under law 82 in 2002. He stated that such efforts would help attract foreign investment by providing businessmen with a number of legal incentives and advantages to investing in the region.
Furthermore, Hamed participated in a second meeting with Prime Minister Hisham Qandil, also attended by Tariq Wafiq, and Ibrahim Abdel-Salam, during which the abovementioned speakers tried to clarify their future vision for economic development in Sinai. Plans were also discussed to make 14 square kilometres available for investment in the North West Gulf of Suez region by Wednesday, 29 March.
Hamed further discussed suggestions made to restructure the investment process for those projects set to take place throughout Sinai. These suggestions included allowing for the North West Gulf of Suez Economic Authority to obtain a share of profits reaped on individual plots of land as opposed to simply leasing them out according to usufruct schemes. Such plans would help increase the amount of returns seen by the government, and could be used to help balance the state budget.
Translated from AlBorsa newspaper
