As Part of His Inspection Visit to Luxor and Qena Governorates:
Minister of Investment and Foreign Trade Holds Meeting with Luxor Investors in the Presence of the Governor
- El-Khatib: Direct Engagement with Investors on the Ground Is One of the Key Objectives of the Ministry of Investment and Foreign Trade
- Upper Egypt Governorates Fall Under “Zone A” of the Investment Law, Offering Deductions of Up to 50% of Investment Costs from Taxable Profits
- Governor of Luxor: The Governorate Offers Numerous Investment Opportunities in Tourism, Agriculture, and Education
Eng. Hassan El-Khatib, Minister of Investment and Foreign Trade, held an expanded meeting with investors in Luxor Governorate, in the presence of Eng. Abdel Mottaleb Emara, Governor of Luxor. The meeting took place as part of the Minister’s current field tour of Luxor and Qena Governorates. The meeting was attended by Eng. Mohamed El-Gawasski, Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI), along with senior officials from the Ministry of Investment and Foreign Trade.
The Minister stated that the state’s vision focuses on increasing attention to investment in governorates in order to stimulate local growth rates and create job opportunities for citizens. He emphasized the importance of listening to investors’ perspectives and identifying the key challenges they face, with a view to addressing them within the framework of the Ministry’s policy of continuous and direct engagement with investors.
For his part, Eng. Abdel Mottaleb Emara, Governor of Luxor, affirmed that the governorate is working on several investment files, foremost among them investment in the tourism sector, with a number of hotel and tourism projects currently under development. He also highlighted investment opportunities in agriculture and agro-industrial activities in the governorate’s desert hinterland, in addition to several other promising investment sectors.
During the meeting, available investment opportunities in Luxor were reviewed, particularly in tourism, agriculture, education, and other sectors. An investment opportunities guide for the governorate has been prepared, alongside an inventory of unused lands and state-owned assets, including 25 unutilized assets that are being made available to investors.
The presentation also highlighted 47 investment opportunities across the governorate, some of which have already been contracted, while others are being prepared for offering. These include six opportunities that have already been contracted, 16 opportunities currently in the final stages of offering during the current month, 12 opportunities to be allocated under the governor’s authority, and 13 additional opportunities under study in coordination with the relevant authorities.
The Minister listened to interventions from local investors, who outlined the sectors in which they operate—ranging from tourism and education to agriculture—and highlighted a number of challenges they face.
In response, the Minister of Investment and Foreign Trade affirmed that the current Investment Law provides all necessary incentives to encourage investment. He noted that all Upper Egypt governorates fall under “Zone A” of the Investment Law and therefore benefit from the incentives stipulated therein.
He explained that the incentives granted to “Zone A,” including Upper Egypt governorates, allow for deductions of up to 50% of investment costs from taxable profits, capped at 80% of paid-in capital, for projects established in the most in-need areas.
The Minister further noted that the tourism sector is among the priority sectors receiving strong state support at present, adding that an investment map with pre-approved permits from all relevant authorities will be developed for the identified tourism investment opportunities.
