Almarai wins 'Best Corporate Sukuk' at Asset Triple A Islamic Finance Awards    Top climber falls to death after rare Himalayan feat    US voters flying home in time for election    Drones and snipers on standby to protect Arizona vote-counters    India's Modi condemns violence after Canada temple incident    Harris and Trump make final push in must-win Pennsylvania    Mitrovic's hat-trick leads Al Hilal to 3-0 victory over Esteghlal    Al Ahli extends perfect start with 5-1 victory over Al Shorta    Saudi crown prince, Tunisian president review bilateral relations in phone call    Al-Khereiji: Collective action in combating terrorism is a must for achieving stability and prosperity    SFDA Chief visits premier biotechnology and medical firms in China    Saudi Awwal Bank becomes the Kingdom's first bank obtaining ISO certification for quality management system in operations    Saudi Arabia's non-oil revenues grow 6% in 9 months while Q3 budget posts SR30 billion deficit    10 cooperation agreements signed during Saudi-Turkish Business Forum in Istanbul    Quincy Jones, titan of US music, dies aged 91    Enhancing zakat, tax, and customs compliance takes center stage at the Zakat, Tax, and Customs Conference 2024    Neymar expected to join Al Hilal squad for AFC clash against Esteghlal, says coach Jesus    Al Qadsiah secure 2-0 victory over Al Ettifaq in first Eastern Derby since 2021    Hidden sugars in Asia's baby food spark concerns    HONOR unveils pre-order of the stunning HONOR MagicBook Art 14 Featuring an ultra-slim design, HONOR Eye Comfort Display and AI Cross-OS WorkStation    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt to allow foreign direct investment in Sinai Peninsula
Published in The Saudi Gazette on 01 - 09 - 2012

CAIRO – Egypt's Cabinet has agreed to allow foreigners to invest in the Sinai Peninsula, Legal Affairs Minister Mohamed Mahsoub told reporters.
Foreign investors, however, will only be allowed to hold a maximum 45 percent stake in any Sinai-based venture. And while foreigners still can't fully own assets in Sinai, they can obtain concession contracts from the government.
The move was welcomed by Egyptian businessmen in Sinai, said Ahram Online Friday.
“The decision will revive investment in the region, which declined markedly following the revolution," Sami Soliman, head of the Taba-Nuweiba Investors Association, told Ahram Online. “Especially since local banks aren't keen to provide financing for projects in Sinai."
He explained that most investment in Sinai, especially in the peninsula's south, goes into projects related to tourism, a sector that has suffered in the wake of last year's revolution.
The Egyptian government has historically prohibited foreigners to invest directly in Sinai for security reasons. Even for local investors, land ownership in Sinai has been tightly controlled so as to prevent foreign elements – especially the next-door Israelis – from surreptitiously acquiring land in the strategic border region. Egyptian investors with a non-Egyptian parent, for example, can only obtain concessions contracts in Sinai – but they can't own land.
“This new decision still doesn't allow foreigners to own land in Sinai, which I agree with," Hesham Ashmawy, head of the Egyptian-American Business Association, said. “Foreign investors can work perfectly well via concessions and BOT [Build, Operate, Transfer) schemes."
Ashmawy added that Sinai was rich in investment opportunities in a range of sectors, including agriculture, mining and industry – in addition, of course, to tourism.
Early next year, the government plans to launch a new state authority, ‘the National Authority for the Development of Sinai Peninsula,' to be affiliated with the prime minister's office. The new authority, dedicated exclusively to the development of the region, has been given an LE1 billion budget ($50 million of which was granted by the US government).
All decisions adopted by the new authority, however, must be approved by the interior and defence ministries, along with Egypt's intelligence apparatus.
“I understand the sensitivity of the situation in Sinai in terms of national security, but these conditions will hardly help facilitate investment procedures," commented Ashmawy. – Agencies


Clic here to read the story from its source.