This law consisting of 15 articles aims at prohibiting foreigners from owing any land or property in the Sinai Peninsula, including land falling within the administrative scope of Ismailia, Suez and Port said Governorates. The Law grants foreigners and Egyptians a usufruct right to use land and property located in Sinai Peninsula, subject to certain conditions. The duration of the usufruct right may not exceed a period of 50 years. Companies with foreign participation are permitted to invest in certain areas of Sinai Peninsula, provided that 55% of the share capital of such companies is owned by Egyptian nationals and provided that the activity conducted is of a developmental nature. However such companies may be exempt from the minimum quote of Egyptian participation, and thus fully owned by foreigners, after security clearances of the later and the approval of the relative security authorities (art.22). In all cases, any ownership rights carried out in Sinai Peninsula is subject to obtaining the approval of the Board of Directors of the National Authority for the Development of the Sinai Peninsula and the relevant competent security authorities. Article 24 identifies in tourism, agriculture, industry, mining, trade, construction the areas of investment activities in land and real estate, while electricity and energy, sewage, roads and bridges, land, air or sea transport lines, telecommunications services, water networks and commercial markets are the areas of development activities.
Amended by: Decree-Law No.95/2015 amending some provisions of Decree Law No. 14 of 2012 on the integrated development in the Sinai Peninsula. (2015-10-07)
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