Egypt: Cabinet ratifies draft on establishing private free zone in Safaga

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The Egyptian Cabinet has approved a draft resolution on the establishment of a private free zone, dubbed Suez Canal Company for Modern Boats, south of Safaga, as per a statement.

To be established on a 51,150-square-meter area, the new firm will specialize in manufacturing, maintaining, and exporting yachts and maritime units.

Under the draft, the company shall export 100% of production annually and use at least 50% of local components within a maximum of three years as of operation date.

The cabinet has also greenlit a draft resolution, authorizing the Minister of Finance to issue an uncirculated silver commemorative coin worth EGP 100 to mark the 70th anniversary of the Administrative Prosecution Authority’s inception.

In addition, it has assigned the Ministry of Finance to contract with an entity to provide clearing system services as well as financial settlement of investors’ dues for three years.

The cabinet has also authorized two draft resolutions on amending some provisions of the executive regulations of the Real Estate Financing Law and Law No.120 of 2008 on the establishment of economic courts.