Matrouh Governor signs Dabaa's investment agreement worth LE 10B

CAIRO – 29 January 2018: Matruh Governor Alaa Abu Zaid signed Monday 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, an official statement read.

Madar Company will start implementing the project within six months on three levels, according to the release.

Minister of Investment and International Cooperation Sahar Nasr and Minister of Local Development Abu bakr al Gandy, attended the signing ceremony.

Minister Sahar Nasr said that this investment 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 is working on executing West Egypt project as soon as they can, referring that this project will be an economic and investment center which will participate in the growth of domestic economy.

“Mersa Matruh governorate, in cooperation with the Ministry of Investment and International Cooperation and the Ministry of Local Development, are working on constructing an investment zone in Mersa Gargoub, located in west Mersa Matrouh, including an international economic and touristic center, houses, hospitals, a logistic area and a commercial port, spanning over 75 kilometers,” Governor Alaa Abu Zaid said.

The project in Dabaa offers 20,000 job opportunities, chairman of Madar Company Nasr Abdul latif said.

In 2017, Egypt’s Parliament passed a long-delayed Investment Law to streamline doing 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 a 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.