The Cabinet has approved a proposal submitted by AMEA Power, a company within the UAE’s Al Nowais Group, to develop additional renewable energy projects before the summer of 2025.
These projects include the addition of 500 megawatts of solar power following the completion of the ongoing Abydos Solar Power project, which currently has a capacity of 500 megawatts. Additionally, there will be an increase of 1,500 megawatts (combining solar and wind power) connected to the national electricity grid. This will happen after completing the additional solar power project with a capacity of 1,000 megawatts and the ongoing Amunet Wind Power project with a capacity of 500 megawatts, along with the implementation of a battery storage system. The total planned capacity to be added from AMEA Power’s projects before the summer of 2025 will reach 2,000 megawatts, including the battery storage systems.
In addition, the Cabinet has approved a draft law to extend the provisions of Law No. 79 of 2016 concerning the resolution of tax disputes. This draft law aims to reduce tax disputes, expedite their resolution, and alleviate the financial burdens on taxpayers. It ensures stability in their tax and financial positions amid the current global economic conditions. The draft law continues the approach adopted by the Ministry of Finance to establish a tax policy that balances the rights of the state’s treasury with the rights of taxpayers, thereby contributing to increased production and investment growth.
The draft law specifies, “The renewal of the provisions and procedures outlined in Law No. 79/2016 regarding the resolution of tax disputes, as amended by Laws No. 14/2018, 174/2018, 16/2020, 173/2020, and 153/2022, until the end of January 2025. This allows taxpayers to submit requests to resolve tax disputes pending before tax appeal committees and courts at all levels. It also states that the committees formed under Law No. 79/2016 will continue to consider requests that have not been decided, as well as new requests submitted under this law until the end of January 2025.”
Furthermore, the Cabinet has approved a draft decision from the President of the Republic regarding the financing agreement provided by the African Development Bank. This agreement aims to contribute to funding the first phase of the program supporting private sector development and economic diversification as part of budget support. The overarching developmental objective of the program is to enhance private sector growth by improving the business environment and diversifying sources of green growth.
Additionally, the Cabinet has approved a draft decision regarding Egypt’s subscription to 19,917 shares in the African Development Bank, valued at $17.04m, under the SRT share ownership transfer rules.
Lastly, the Cabinet has approved a draft decision from President Al-Sisi to allocate several plots of state-owned land in North Sinai to the Public Authority for Land and Dry Ports. This effort aligns with President Al-Sisi’s directives to establish logistical zones, making Egypt a global hub for trade and logistics. The allocated plots include land with an area of 5,998 feddan in Rafah, 5,122 feddan in Al-Aouja, 6,026 feddan in Al-Hasana, and a plot of land with an area of 6,000 feddan in Bir Al-Abd.
Additionally, the Cabinet has approved a draft decision from President Al-Sisi regarding the allocation of 2.65 feddan (equivalent to 11,142 square meters) of state-owned land in Hagar Al-Adaimah in Esna. This allocation is specifically for establishing cemeteries for Muslims and will be overseen by the governorate of Luxor.
