Article 1: A public institution with an industrial and commercial character has been established, enjoying legal personality and financial independence, named the Industrial Real Estate Agency. The agency is considered a trader in its relations with others. The Industrial Real Estate Agency is subject to commercial legislation unless exempted by this law and is under the supervision of the Ministry of National Economy. Its headquarters are located in Tunis.

Article 2: The tasks of the Industrial Real Estate Agency include:

1. Conducting studies related to diagnosing industrial zone locations, preparing them, and equipping them for project initiators in the sectors of manufacturing industries, traditional industries, small crafts, and services, in accordance with the guidelines for development and urban planning.
2. Developing programs for the preparation of industrial zones in coordination with local authorities, taking into account the goals, qualifications, and economic characteristics of each region to ensure the balance and integration of regions within the framework of development plans.
3. Carrying out all real estate operations, including:
   • Establishing industrial real estate savings.
   • Preparing plots for sale or lease to project initiators in manufacturing industries, traditional industries, small crafts, and services, or constructing buildings for their benefit.
   • Disposing of the lands it owns for the benefit of real estate initiators or local authorities, according to specified conditions, such as prepared plots for constructing industrial buildings for sale or lease.

Article 2 (Fourth): The Board of Directors of the Industrial Real Estate Agency regulates the selling or leasing prices of prepared lands and completed buildings and determines the conditions related to sale or lease, taking into consideration the market situation.

The selling price of lands and buildings must include at least:

• The land purchase price.
• Expenses related to real estate settlement and expropriation operations when necessary.
• Costs of conducting studies, development works, and building construction.
• Financial costs arising from development and building construction works.
• Disposal costs incurred by the Industrial Real Estate Agency.

Prepared lands can be sold by local authorities and real estate initiators at a self-approved rate, previously endorsed by the Ministry responsible for industry, if these lands were acquired from the state, local authorities, or any public entity at symbolic or preferential prices.

Article 2 (Fifth): The right of project initiators in manufacturing industries, traditional industries, small crafts, and services to prepared lands acquired in one of the following cases lapses:

1. Disposal of real estate in any form without complying with the conditions stipulated in this law.
2. Failure to enter the actual production phase within a maximum period of three years from the date of signing the sales contract.
3. Failure to comply with the conditions stipulated in the sales contract.

However, the project initiator who completes the construction of the industrial premises and obtains a certificate of completion from the competent authorities may justify these buildings or contribute them to projects related to these sectors. The initiator may also transfer the property to another initiator, subject to respecting all land purchase conditions and putting his project into actual production for at least one year.

The project initiator may change the activity specified in the sales contract, subject to compliance with the activities licensed in the industrial zone and consideration of environmental preservation requirements.

The Industrial Real Estate Agency receives a certificate of lifting the lien on the property within at least one year from the project’s entry into the actual production phase after meeting all land acquisition and construction conditions according to the specifications attached to the sales contract.

Article 2 (Sixth): The right of local authorities and real estate initiators is forfeited in one of the following cases:

1. Failure to carry out land development within a maximum period of three years from the date of signing the sales contract with the Industrial Real Estate Agency.”

If the auction does not result in any outcome, the subdivided land is reintroduced for sale within a second period of no less than thirty days and not exceeding sixty days, with a reduction in the opening price by twenty percent. If the auction still does not result in any outcome, the Industrial Real Estate Agency may sell the subdivided land according to the conditions specified in Article 2 (Fourth) of this law.

Under no circumstances can the share due to the Industrial Real Estate Agency from the sale be less than the land value based on its selling prices.

The Industrial Real Estate Agency enters into a sales contract with the new acquirer of the subdivided land according to the provisions of this law.

For local authorities and real estate initiators:

• Recovered subdivided lands are sold according to the conditions specified in point A of this article.
• Lands are sold according to the conditions specified in point A of this article, and the costs of completed development works, if any, are estimated based on a fair appraisal.

Article 2: The phrase “industrial sectors or traditional industries or small crafts or services” mentioned in Article 2, Section 12 of this law is canceled and replaced with the phrase “manufacturing industries, traditional industries, small crafts, and services.”

Article 3: Any project initiator in manufacturing industries, traditional industries, small crafts, and services who acquired a subdivided land or subdivided lands from the Industrial Real Estate Agency and constructed an industrial building on it before the issuance of this law and without entering the actual production phase within the legal deadlines may sell, dispose of, or contribute these buildings to a project related to these sectors within a period not exceeding two years from the date of the issuance of this law. The project initiator must inform the Industrial Real Estate Agency in advance.

Contribution or disposal of buildings is carried out according to the provisions of the second paragraph of Article 2 (Fifth) of this law.

The Industrial Real Estate Agency receives a certificate of lifting the lien on the property to the new acquirer within at least one year after the project enters the actual production phase.

Article 2 (Tenth – New): The Industrial Real Estate Agency regains ownership of the property from the date of the notification of the decision to forfeit the right. The buyer whose right has been forfeited is only released after the recovered property is sold, deducting 10% from the purchase price of the land. The Industrial Real Estate Agency benefits from any increase in value resulting from the sale, and the forfeited buyer bears any decrease in this value.

The recovered property is sold according to the following conditions and procedures:

1. For project initiators in manufacturing industries, traditional industries, small crafts, and services:
   • If the subdivided land is vacant, it is resold according to the conditions specified in Article 2 (Fourth) of this law. However, if the recovered subdivision is located in an industrial zone where demand exceeds supply, it is sold through an optional public auction with an opening price determined by the Industrial Real Estate Agency’s Board of Directors. In any case, the agency recovers the price paid for the land within six months from the date of notifying the buyer of the decision to forfeit the right.
   • If the subdivision includes buildings or structures built by the forfeited right holder before the date of notification of the decision to forfeit the right, it is sold through an optional public auction within six months from the date of notification of the decision to forfeit the right. The Industrial Real Estate Agency determines the opening price, which includes the land value based on its selling prices and the value of the buildings or structures based on a fair appraisal.