Page 19 - Microsoft Word - The Investment Law No amended.docx

Article 29
All areas of investments shall be subject to the provisions of this law except:
First: Investment in Oil and Gas extraction and production.
Second: Investment in banks and insurance companies sectors.

Article30
Cancelled

Article 31
The Council of Ministers shall have the right to:
First: Issue regulations to facilitate the implementation of the provisions of this law.
Second: Issue bylaws defining the Commission's formations, divisions, tasks, process of its
work, its authorities, financial affairs, employee affairs and any others matters.

Article 32
The Commission may issue instructions to facilitate implementing regulations of the Council of
Ministers in accordance with the provisions of this law.

Article 33
a- Provisions of this law shall apply on projects of mixed and /or private sectors on existing or
operating projects at a request of its administration and approval of the commission without
retroactive effect.
b- Partnership projects between the Private and Public sector shall include the public sector projects
that contracted to operate or establish or rehabilitate it with the private and mixed sector under
provisions of this law, after and before this law enter into force. That does not mean exemption
from taxes and fees payable on those projects before the entry into force of this law.
c- Council of Ministers has the right to replace lands and facilities of the public sector in exchange
for the construction of new facilities with modern production lines exception of relevant
legislations in accordance with instructions issued by the Council of Ministers, that the ownership
of the substituent land remains with the State.

Article 34
No text shall be valid which contradicts the provisions of this law.

Article 35
The (dissolved) CPA Order No. 39 of 2003 shall be revoked.

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