Egypt’s Cabinet approves maritime transport, harbor cooperation agreement with Oman
The Egyptian Cabinet has approved a draft presidential decree regarding a cooperation agreement in the field of maritime transport and ports between the governments of the Arab Republic of Egypt and the Sultanate of Oman.
The agreement, signed during President Abdel Fattah Al-Sisi’s 2022 visit to Oman, aims to bolster economic and trade relations between the two countries. It seeks to regulate and coordinate maritime activities, address obstacles to the development of maritime operations, and facilitate multimodal transport and logistics. Additionally, the agreement focuses on the exchange of expertise and information, as well as collaboration in port management, operations, and ship maintenance and repair.
In other decisions, the Cabinet approved a draft presidential decree amending certain provisions of Presidential Decree No. 86 of 2021. The amendment pertains to the establishment of a university institution, “European Universities in Egypt,” which will host branches of the Universities of London and Central Lancashire in Egypt. The amendment also includes the addition of three new academic programs to the University of Central Lancashire’s branch.
Moreover, the Cabinet approved another draft presidential decree amending provisions of Presidential Decree No. 423 of 2019. This decree concerns the establishment of “The Knowledge Hub Universities” in Egypt, which will host a branch of Coventry University. The amendment adds a Physical Therapy program to the Coventry University branch.
The Cabinet also reviewed a draft decree by the Prime Minister amending certain provisions of the executive regulations of the Water Resources and Irrigation Law No. 147 of 2021, issued under Prime Ministerial Decree No. 81 of 2023. The amendment aims to increase the occupancy rates for lands along the Nile River designated for licensing tourist facilities, clubs, and other recreational establishments. Under the new rules, up to 40% occupancy is permitted, with an additional 10% allowed for marinas associated with primary activities. This move seeks to enhance Nile tourism and boost its added value.
The changes include modifications to paragraphs (2) and (3) of Article 11 of the executive regulations. After the amendment, paragraph (2) stipulates that no tourist facilities or recreational establishments can be built along the Nile without a license from the Ministry of Water Resources and Irrigation. Only easily dismantled structures are permitted, and the occupancy rate cannot exceed 40% of the total facility area. An additional 10% occupancy is allowed for marinas, subject to specific conditions.
In paragraph (3), the amendment requires owners of previously licensed structures for marinas, tourist facilities, or recreational establishments to comply with the new specifications when renewing their licenses. The maximum occupancy rate for dismantlable structures is reduced to 40%, with a 10% allowance for marinas.
Additionally, the Cabinet approved an extension of the land allocation and lease period for the French company Alstom to establish a railway industrial complex in Borg El Arab, Alexandria. The lease period has been extended from 15 to 30 years, in line with the Investment Law No. 72 of 2017 and its executive regulations.
This decision underscores the scale of investments Alstom plans to inject into the project, which will establish two factories across 40 feddans, with another 50 feddans allocated for future expansion. The first phase involves the construction of a components factory on 13 feddans, while the second phase will build a vehicle manufacturing plant on 27 feddans.
The Cabinet also reviewed positive financial indicators, including a significant rise in the investments of the National Organization for Social Insurance. As of 30 June 2024, total investments increased by EGP 44.2bn, marking a 7.8% growth compared to 30 June 2023. Additionally, the return generated by the organization’s investment fund rose by EGP 24.9bn, reflecting a 33.24% growth compared to the previous year.
Finally, the Cabinet reviewed the financial statements of the National Organization for Social Insurance for the period from 1 July 2024, to 30 September 2024, as well as the organization’s investment report, to track progress and ensure continued growth.
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