June 10th 2024
The Algerian Investment Promotion Agency informs all project holders and investors who have received provisional decisions for granting economic lands , belonging to the State’s private domains and dedicated to the implementation of investment projects, that they are required to register their investments at the Decentralized One-stop Shops level where they are headquartered for projects whose amounts are less than two (02) billion Algerian Dinars, and at the major projects and foreign investments One-stop Shop’s level, for the projects involving foreigners or other projects whose amounts are higher than two (02) billion Algerian Dinars.
In this context, project holders who have received a provisional decision for granting a real estate asset after obtaining the highest score upon the automatic applications processing via the investor’s digital platform, are invited to complete the procedures related to acquiring the final decision and the concession act, within the legal time limit for submitting appeals which is one month. This process will allow the Agency to verify every project holder’s declaration made when filling out the application form via the platform for each criterion of the stated assessment grid.
As a reminder, the filing of economic land applications is to be done exclusively via the investor’s digital platform. The demands processing is done automatically pursuant to the assessment grid stipulated in Article 7 of the executive decree n°23-487 issued on December 28th, 2023 which defines the conditions and modalities of granting concession acts, according to which the economic land is granted for the candidate who has obtained the highest score out of 1000 points.
In order to ensure that real estate assets are oriented to economically viable investments and their owners are ready to start the implementation phase by providing honest declarations, the Algerian Investment Promotion Agency informs that under no circumstances can any element of the project, which lead to the granting of the land, be allowed to be changed, specifically the activity nature, the amount of the investment and the financing structure, as well as the number of job positions that the project holder commits to create. Every project holder or investor must assume the legal consequences in case of misrepresentations.
It is worth mentionning that, since the start of economic land demands processing via the investor’s digital platform on February 08th, 2024, 248 provisional decisions of granting have been delivered, from which only 63 became final decisions, and for which the relevant bodies have started to prepare concession acts after the completion of the related registration procedures and the subscription in the specifications by the concerned parties. While, to date, eight (08) project holders have been registered to waive the provisional decisions of granting due to their lack of readiness and compliance with the conditions and the declared commitments.
The Agency emphasizes that a project that has failed to obtain the highest score is not deemed rejected, as the project holders who obtain the second best score might be invited, in case the beneficiary renounces the economic land granting decision or in case of cancellation by the Agency when the submitted declarations are proved to be incompatible with the projects size and nature or the non-compliance of the beneficiary with the declared commitments.
The Agency also pledges to propose other real estate assets on a permanent and continuous basis within the limits of lands availability, in an effort to accompany the implementation of any viable project for the national economy according to the priorities defined by the government for the investment field.