A parliamentary committee proposes to penalize investors involved in landscaping

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El-Sallab: We asked the government to quickly withdraw the spaces from those who are not serious and resubmit them
The House of Representatives Industry Committee proposed to the Council of Ministers to punish investors who were proven to be involved in disrupting the investment process by acquiring attached lands and “roofing them” for the purpose of trading in them.
Engineer Mohamed El-Sallab, the first deputy of the Industry Committee, said that the state has spent a lot of money over the past years to accompany the lands of industrial activity and encourage investors to set up their projects in order to achieve the state’s development goals, but some land traders took advantage of this trend to implement illegal goals.
Al-Sallab added that the committee is preparing a proposal for punishment mechanisms in preparation for discussion with the competent authorities, including the Ministry of Trade and Industry and the General Authority for Investment and Free Zones, stressing that the state, in return, supports serious investors through financing initiatives and temporary tax exemptions.
He stated that the House of Representatives Industry Committee called on the Minister of Trade and Industry, Nevin Jameh, to quickly complete the inventory of unused industrial lands and withdraw them from non-serious investors to resubmit them to entities wishing to implement new expansions.
The Industry Committee in the House of Representatives met with the General Authority for Industrial Development a while ago, to approve the budget allocated to the authority in the current fiscal year 2021-2022, which amounted to 6 billion pounds, compared to 5 billion pounds last year.
Prime Minister Mostafa Madbouly asked, last month, the General Authority for Industrial Development and Administrative Control to review the position of industrial lands, which were previously offered, and to follow up on the implementation rates of the projects targeted to be established on them.
He pointed out that in the event that the seriousness of investors who obtained industrial lands through government proposals over the past years was not proven, after the completion of the inventory, legal measures will be taken against them.

The article was written in Al Borsa newspaper, a parliamentary committee that proposes to punish investors involved in land landscaping.