Free zone investments receive 50 percent rent discount
Land rental rates in the Damietta and Ismailia free zones will drop by 50 percent, for investment projects which export at least 50 percent of their output to foreign markets, reported Al-Gumhuria. The current per meter average annual rate amounts to EP $3.5 in the rest in the free industrial zones in Egypt.
According to chairman of the General Authority for Investment and Free Zones (GAFI), Muhammad Al-Ghamrawi, such investment incentives will also be available to warehousing projects in the zones, on the condition that they export 100 percent of their output.
GAFI is the primary governmental authority that regulates and facilitates investment in the Free Zones. There are currently eight such zones: Nasr City, Cairo; Alexandria; Port Said; Suez; Ismailia; Damietta; Safaga and Sohag. Projects in the zones are exempt from Egyptian taxes and duties. — (MENA Report)
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