CAIRO – 8 May 2024: Prime Minister Mostafa Madbouly reviewed proposed revisions to the Economic Zones Law in a recent cabinet meeting. Madbouly stressed on the necessity to update the law to reflect current global standards and to leverage Egypt’s economic capabilities. He highlighted the need for comprehensive discussions and detailed analysis to ensure the revised law meets the demands of the changing economic environment.
During the meeting, a detailed report of the observations collected by multiple ministries regarding the proposed changes was presented.
Egyptian Cabinet Spokesperson Mohamed El-Homosany summarized the meeting’s outcomes which included consideration of the observations, the valuable input from the Supreme Committee for Legislative Reform, and the agreement on unified amendments. These amendments are set to be formally proposed to the Cabinet for approval.
Lately, Egypt has had interest from different countries such as: Turkey to establish economic and free zones in the country. In March 2024, Egyptian Group for Multipurpose Terminals (EGMPT) signed a memorandum of understanding (MoU) with Turkish DOGUS to establish a Turkish industrial zone in Jarjoub with investments reaching $7 billion, according to a report released by the Egyptian Ministry of Transport.
In addition to that, in April 2024, The Egyptian Cabinet approved the decision to establish a private free zone in Ras El Hekma named Ras El Hekma Urban Development Project Company. The Cabinet also approved the Prime Minister’s draft decision to establish an investment zone in the city of Ras El Hekma.
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