Matrouh Governor signs contract to have Disney Land in Egypt

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Thu, 01 Feb 2018 - 10:15 GMT

Disney Land- Reuters

Disney Land- Reuters

CAIRO – 1 February 2018: “Matruh Governor Alaa Abu Zaid signed on Thursday three investment contracts with American- Saudi and Emirati investments,” an official statement read.

The first contract was signed with Entertainment World Company to provide entertainment facilities in the Middle East and North Africa. The company is in charge of setting up an entertainment city in al Alameen in the style of “Disneyland” with an American- Saudi investment worth $ 3.3 billion, on a land of 5080 feddan, according to the release.

Abu Zaid signed the other two contracts with the Emirati company Oroba to build a touristic hotel in Mersa Matrouh city on a land of 172 feddan, with an investment of LE 1.2 billion.

The Minister of Investment and International Co-operation Sahar Nasr, Minister of Local development Abu Bakr al Gendy and CEO - General Authority for investment and free zones Mona Zobaa witnessed the signing ceremony.

“The entertainment city will include an open garden, water games, medical and sport cities and hotels,” Matrouh Governor Alaa Abu Zaid said.

The release showed that the other contract signed with Oroba company was for operating a dates’ factory in Siwa oasis for 15 years, worth LE 3.2 million.

Minister Sahar Nasr said that the entertainment project is considered to be the biggest Egyptian project after the approval of the Investment Law and its executive list.

Nasr added that the ministry supports Egyptian investors, besides celebrating the existence of American, Saudi and Emirati investments in Egypt, to offer job opportunities and support citizens.

Nasr added that the ministry is working on executing the West Egypt project as soon as they can.

On Monday, Matruh Governor Alaa Abu Zaid signed an investment agreement with Madar Company for Touristic Villages and Investment to set up an integrated investment project in Dabaa, worth LE 10 billion on an area of 2.14 million square meters.

In 2017, Egypt’s Parliament passed a long-delayed investment law to streamline business in Egypt and to create incentives which Egypt hopes will bring back investors’ dollars after years of turmoil.

The new investment law includes a 50 percent tax discount on investments made in underdeveloped areas and government support for connecting utilities to new projects.

This law stipulates returning to investors half of what they pay to acquire land for industrial projects if production begins within two years. It also turned free zones back to the private sector.

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