President Abdel Fattah El-Sisi gave directives to grant a new package of incentives to support local strategic industrial projects.

The package of incentives includes exempting projects that target strategic industries from all types of taxes, except the value-added tax, for 5 years.

According to the statement, The Egyptian Cabinet will issue a detailed decision defining these industries, provided that these projects be implemented and operated according to their scale, within a maximum period of 3 years.

In addition, it is possible this exemption is extended for an additional 5 years for a specific number of these industries, provided that they achieve specific targets related to the amount of foreign investment as per the regulations determined by the Egyptian Cabinet.

Companies can also get up to 50% of the value of the land if the project is implemented within half the time period specified for it.

The incentives package also includes extending the golden license for projects aimed at advancing local industrialization.