The official gazette in Egypt has published two new decisions from Prime Minister Mostafa Madbouly concerning the "Investment Law."
Decision number 2562 for the year 2024 states: "The text of Article (63) of the executive regulations of the Investment Law is replaced as follows: Each investment area shall have a board of directors, formed by a decision from the competent minister in agreement with the minister relevant to the activities of the area for a period of three years. The board shall include representatives from the relevant authorities for the main licensed activities in the area, the land authority, the Ministry of Finance, representatives from entities authorized for development in the area, and investors. The formation may include one or more members with expertise or representatives from support and funding agencies for projects in the area, or any other entities deemed appropriate by the competent minister and the relevant minister. The decision forming the board shall determine its meeting system and the allowances and rewards for its members, with the board convening at least once a month or whenever necessary for the work to be conducted."
Additionally, Prime Minister Decision number 2563 for the year 2024 pertains to the distribution of sub-sectors for investment activities in the tourism sector within the Greater Cairo Governorates under sector (A): "The sub-sectors for investment activities in the tourism sector within the Greater Cairo Governorates under sector (A) are distributed as follows:
1- Establishing fixed and floating hotels, hotel apartments, and tourist villages, along with complementary or related activities, whether service, recreational, sports, or cultural. The construction of these facilities must meet at least three-star standards, and the total area sold must not exceed half of the total built areas of the project's accommodation capacity.
2- Establishing green infrastructure or maintaining the efficiency of energy use for tourism projects. The beneficiary project must complete construction and begin operation within three years."
