1 February, 2012
A New Law Governing Development in Sinai Peninsula has been issued
Keywords: Infrastructure & Projects, Banking & Finance
Update on Egypt’s Economic and Investment Affairs - Integrated Development in Sinai Peninsula.
A new law governing development in Sinai Peninsula (law no. 14 for the year 2012, the “Law”) has been issued. The Law made substantial changes concerning foreign ownership and usufruct of real estate in Sinai Peninsula without prejudice to existing projects.
The main differences are the following:
- The maximum period of usufruct is 30 years, subject to further extension whereby total period may not exceed 50 years instead of the maximum limit of 90 years in the preceding laws.
- Whilst the previous laws restricted the ownership of lands and buildings in Sinai Peninsula, the Law permitted as an exception, both natural and juridical persons, to own establishments and buildings in Sinai Peninsula, but not lands.
- In addition, the Law allowed foreign investment in Sinai Peninsula, but required such investments to be done through an Egyptian joint stock company where the percentage of Egyptian shareholding must be at least 55%.
- Finally, contracts whose subject is lands situated in Sinai Peninsula may not include arbitration clauses in relation to disputes arising from ownership, usufruct, or the carrying out of projects on such lands.
Settling Investors-State Disputes and Reconciliation with Investors
The main differences are the following:
- The maximum period of usufruct is 30 years, subject to further extension whereby total period may not exceed 50 years instead of the maximum limit of 90 years in the preceding laws.
- Whilst the previous laws restricted the ownership of lands and buildings in Sinai Peninsula, the Law permitted as an exception, both natural and juridical persons, to own establishments and buildings in Sinai Peninsula, but not lands.
- In addition, the Law allowed foreign investment in Sinai Peninsula, but required such investments to be done through an Egyptian joint stock company where the percentage of Egyptian shareholding must be at least 55%.
- Finally, contracts whose subject is lands situated in Sinai Peninsula may not include arbitration clauses in relation to disputes arising from ownership, usufruct, or the carrying out of projects on such lands.
Settling Investors-State Disputes and Reconciliation with Investors
A New Law Governing Development in Sinai Peninsula has been issued
1 February, 2012
Keywords: Infrastructure & Projects, Banking & Finance
Update on Egypt’s Economic and Investment Affairs - Integrated Development in Sinai Peninsula.
A new law governing development in Sinai Peninsula (law no. 14 for the year 2012, the “Law”) has been issued. The Law made substantial changes concerning foreign ownership and usufruct of real estate in Sinai Peninsula without prejudice to existing projects.
The main differences are the following:
- The maximum period of usufruct is 30 years, subject to further extension whereby total period may not exceed 50 years instead of the maximum limit of 90 years in the preceding laws.
- Whilst the previous laws restricted the ownership of lands and buildings in Sinai Peninsula, the Law permitted as an exception, both natural and juridical persons, to own establishments and buildings in Sinai Peninsula, but not lands.
- In addition, the Law allowed foreign investment in Sinai Peninsula, but required such investments to be done through an Egyptian joint stock company where the percentage of Egyptian shareholding must be at least 55%.
- Finally, contracts whose subject is lands situated in Sinai Peninsula may not include arbitration clauses in relation to disputes arising from ownership, usufruct, or the carrying out of projects on such lands.
Settling Investors-State Disputes and Reconciliation with Investors
The main differences are the following:
- The maximum period of usufruct is 30 years, subject to further extension whereby total period may not exceed 50 years instead of the maximum limit of 90 years in the preceding laws.
- Whilst the previous laws restricted the ownership of lands and buildings in Sinai Peninsula, the Law permitted as an exception, both natural and juridical persons, to own establishments and buildings in Sinai Peninsula, but not lands.
- In addition, the Law allowed foreign investment in Sinai Peninsula, but required such investments to be done through an Egyptian joint stock company where the percentage of Egyptian shareholding must be at least 55%.
- Finally, contracts whose subject is lands situated in Sinai Peninsula may not include arbitration clauses in relation to disputes arising from ownership, usufruct, or the carrying out of projects on such lands.
Settling Investors-State Disputes and Reconciliation with Investors
