Last Update 0:25
Wednesday, 13 November 2019

Suez land confiscated only from unserious investors: GAFI head

The government reclaims land around Suez from business projects that failed to get off the ground

Ahram Online, Saturday 24 Dec 2011
Share/Bookmark
Views: 988
Share/Bookmark
Views: 988

Plots of land that the government has retaken from investors in the north-west Suez area were confiscated only from unserious businessmen who did not utilise the land for the purpose it was assigned for, Osama Saleh, head of the General Authority for Investment (GAFI) has said.

Egypt's newly appointed prime minister, Kamal El-Ganzouri, has issued a decree to withdraw 21 million square metres of land assigned to investors in the Gulf of Suez that were originally granted for the purpose of establishing industrial projects.

Saleh indicated that some investors did not uphold the conditions of the contracts awarded and the timeline for building their facilities. Accordingly the government decided to confiscate the land to put it to better use.

Currently a committee from GAFI is evaluating projects currently under construction in the 200 million square metres industrial area and will come up with recommendations improve overall performance.

Investors bought land in the Suez area for LE5 per square metre, whereas they paid 20 per cent down payment in 1999 and the rest in installments for the following three years.

Saleh also indicated that GAFI is looking into the conditions of 1,200 factories that are currently facing trouble, causing them to halt production.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.