Sunday, February 10, 2013

Ownership banned in Suez Canal region project

A senior Egyptian official has said that a legal framework banning all property ownership in the Suez Canal region would be presented to the government with days.

Walid Abdel Ghaffar, an adviser to the transportation minister told Al-Masry Al-Youm that the new draft law, prepared by legal experts, bans all investors from land ownership, Egyptian and foreign, as the region will be under a usufruct system only.
Abdel Ghaffar also said that no property within the project area will be sold and that all land there will continue to be state property.

Investors will be able to rent land under the usufruct system, and all offers will be studied within the law, except those that infringe on national security.
He added that investors would be dealt with through a "one-window" system to avoid bureaucracy, and that the state would also establish a special body to manage the region's projects.

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