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Egypt to allow foreign investment in Sinai Peninsula
- Egypt: Saturday, September 01 - 2012 at 04:39
Egypt's legal affairs minister Mohamed Mahsoub has said the cabinet has agreed to allow foreigners to invest in the Sinai Peninsula, Ahram has reported. Foreign investors, however, will only be allowed to hold a maximum 45% stake in any Sinai-based venture, Mahsoub said. And while foreigners still can't fully own assets in Sinai, they can obtain concession contracts from the government, he added. "The decision will revive investment in the region, which declined markedly following the revolution," said Sami Soliman, head of the Taba-Nuweiba Investors Association. "Especially since local banks aren't keen to provide financing for projects in Sinai."
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StaffSaturday, September 01 - 2012 at 04:39 UAE local time (GMT+4)
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