In the latest development, Algeria has introduced a new law, stipulated in Official Gazette No. 73, outlining the conditions and methods for granting economic real estate, part of the state’s private properties, aimed at facilitating investment projects. This move, marked by Law No. 23-17 dated November 15, 2023, is a significant step towards enhancing the nation’s investment landscape. Economic Real Estate Allocation in Algeria .
The law applies to various types of prepared lands including those in industrial zones, new city perimeters, tourist expansion areas, technological parks, remaining real estate of public enterprises, surplus real estate of economic public enterprises, lands designated for commercial real estate promotion, and other prepared lands owned by the state.
Excluded from this law are agricultural lands, lands within mining areas, areas dedicated to hydrocarbon exploration and exploitation, lands for protecting electrical and gas installations, lands within archaeological sites and historic monuments, and lands used for aquaculture activity zones benefiting from state aid, along with lands allocated for public investment projects.
Key Definitions of the Law Include:
- Economic Real Estate: Property owned by the state or acquired by the Algerian Agency for Investment Promotion for state benefit, suitable for hosting investment projects.
- Prepared Real Estate: State-owned property equipped with essential roads and networks.
- Remaining Real Estate: Available property belonging to localized public enterprises.
- Surplus Real Estate: Property not essential to the activity of economic public enterprises.
The law states that economic real estate must be unallocated and located in developed or planned sectors, except for investment projects that require a location outside these sectors due to their nature.
Additionally, the Algerian Agency for Investment Promotion is responsible for processing applications for economic real estate through a digital platform, setting timelines for responses, and providing justifications as regulated, further elaborating the legal framework for economic development in Algeria.
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