Damascus-SANA
The People's Assembly, in its second session of the eighth regular session of the third legislative session, convened today under the chairmanship of Speaker Hamouda Sabbagh, began discussing the draft law that includes “amending some provisions of Investment Law No. 18 of 2021, and repealing Law No. 15 of 2008 and its amendments, related to the creation of the Public Authority for Development and Investment real estate.”
The Council held a general deliberation on the draft law before moving to vote on its articles and approval, during which a number of members of the Council confirmed that the project contributes to finding an appropriate mechanism for considering investments in the field of real estate development, and standardizing the procedures currently in force, similar to other investments, indicating that the project provides the same benefits, exemptions and facilities. For investors to implement real estate investment projects.
The council approved the first article of the draft, which shows that the real estate development and investment zone is represented by real estate or parts thereof that are covered by the decision to create this zone, whether it is built or not, while any Syrian or non-Syrian natural or legal person licensed to practice real estate development and investment business. In Syria, according to the provisions of this law.
For his part, the Minister of Economy and Foreign Trade, Dr. Muhammad Samer Al-Khalil, stated that the aim of the amendments to the new investment law is to unify the body regulating all investments in Syria in the Syrian Investment Authority (Investor Services Center), and to accelerate the granting of licenses and approvals for any investment project for real estate development, indicating that there is no There is no legal text in the articles of the new investment law that prohibits making amendments to it, noting that this project also contributes to regulating the real estate development market, especially with the spread of building violations, in addition to the presence of buildings destroyed as a result of terrorism.
The Minister of Public Works and Housing, Eng. Suhail Abdel Latif, confirmed that the abolition of the General Authority for Investment and Real Estate Development law does not mean the abolition of real estate developers and real estate development areas in light of the existence of a new investment law that includes all investment sectors, including the real estate sector, which will benefit from all advantages and exemptions, explaining that the draft law Contributes to facilitating real estate investment procedures instead of the multiplicity of authorities and references responsible for that.
The session, which was attended by the Minister of State for People's Assembly Affairs, Abdullah Abdullah, was adjourned to 12:00 p.m. tomorrow, Tuesday.
Wassim Al-Adawi and Louay Hussamo
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