The Egyptian government will amend some articles in the Sinai development’s law to align with the law of the economic zone of a special nature for the Suez Canal region development project, AlMal daily business newspaper states Executive Director of Dar al-Handassa Company Yahya Zaki as saying.
The new amendments will include land allocation conditions by ownership or by the usufruct system, Zaki added.
The Dar al-Handassa Company won a bid to manage Suez Canal region development project in August.
It is worth mentioning that the Sinai development law gives the owning right to the Egyptians only and 30 years usufruct for foreign investors, while the law of the economic zone of a special nature gives land with usufruct for a period of 49 years.
