The government announces a facilitation package for troubled industrial projects... Details
The Ministry of Industry recently announced a new package of deadlines and facilitations for troubled industrial projects that have exceeded the prescribed time periods, based on the ministry's keenness to preserve the interests of manufacturers and help struggling factories that are serious and wishing to turn the production wheel. These deadlines and facilitations will be implemented by the ministry represented by the General Authority for Industrial Development until April 30, 2026.
The new deadlines and facilitation package includes the following:
- A period of 6 months for each industrial project that has completed more than 75% of the construction to complete the project and extract the license and the industrial register with full exemption from delay fines during this period.
- 12 months period for each industrial project with a building license and completed from 50% to less than 75% of the building license with exemption from the delay fine determined for the first six months only.
- A period of 18 months for each industrial project with a building license and has not implemented any construction percentage or implemented less than 50% of the building license with exemption from the fine prescribed for the first six-month period only.
- The new incentives are valid until April 30, 2026, and the standard costs for those deadlines and fines are calculated in accordance with the rules regulated by the Industrial Development Authority with the withdrawal of the land in case of non-compliance with the granted deadlines.
- Re-dealing with the lands to be withdrawn, not offered or allocated to third parties with the same investor if submitted at the current approved price.