Sinai development law amendments necessary for investments

GMT 01:02 2015 Thursday ,18 June

Arab Today, arab today Sinai development law amendments necessary for investments

Cairo - MENA

Cabinet spokesman Hossam Qawish said approved amendments to Sinai development law are meant to avoid any legal problems between investors and different State bodies.

The Cabinet approved on Tuesday amendments to some provisions of the decree law no. 14 of 2012 on the integrated development in Sinai peninsula.

As per the amendments, land ownership in Sinai under usufruct system will increase from 30 to 50 and can be renewed till 75 years.

In case the foreign investor dies, his family can transfer land ownership to an Egyptian or they can decide to keep the land under the usufruct system.

Only Egyptians born to Egyptian parents can own lands in Sinai.

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