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Gentlemen/ Respected members of the Najran Chamber
May the peace, blessings, and mercy of God be upon you,,,
Reference to the letter of the Union of Saudi Chambers No. (45500961) dated (02/29/1445 AH), which refers to the email received from the General Authority for Foreign Trade, which included the Authority’s receipt of a telegram from the Ministry of Foreign Affairs, in which the Ministry received a telegram from the Embassy of the Kingdom of Saudi Arabia to the Arab Republic of Egypt, which included On August 27, 2023 AD, His Excellency the President of the Arab Republic of Egypt issued directives to the government to launch a new package of incentives aimed at supporting industrial activity and accelerating the process of localization of industry. The incentive package includes providing the following:
Exempting all industrial projects that target strategic industries from all types of taxes except value-added tax for a period of five years, renewable for another five years depending on the extent to which the company achieves its investment objectives, provided that the beneficiary projects are implemented and operated within a maximum period of three years. The renewal of exemptions for the industry will also be approved. Determined according to the volume of foreign investments and also according to controls that have not yet been announced and will be determined by the Council of Ministers.
· Investors and companies recover up to 50% of the value of the lands allocated to them if their projects are implemented within half the specified time frame.
· Expanding the granting of golden licenses for all projects aimed at deepening local manufacturing. The embassy added that the new incentives referred to come within the framework of a series of measures aimed at strengthening the industry and attracting more foreign investments that the country is witnessing, with the government providing incentives for manufacturing in order to reduce imports. Encouraging efforts to localize the industry.
