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IDA to put up 500,000 sq. m. to industrialists

Sunday 23 September 2018 02:00 PM

Egypt’s Industrial development agency (IDA).
Egypt’s Industrial development agency (IDA).

By Ahmed Al Lahouny:
Egypt’s Industrial Development Authority (IDA) is planning to offer lands of 500,000 sq. meter, provided with infrastructure facilities, to investors by the end of September.
The lands are vacant lots in Tenth of Ramadan City, Sadat City and Borg El Arab Industrial City.
The land plots are offered as industrial zones nationwide have been surveyed with the purpose of putting up lands after a four-month halt because urban communities authority refrained from determining new plots for industrial activity, sources told Al Mal newspaper.
IDA has filed a complaint to Administrative Control Authority against urban communities authority due to not providing and determining lands for industrial activity as well as interfering in its work and offering lands to industrialists, which is clear violation of the law, according to the complaint.
For his part, Chairman of the Chamber of Engineering Industries Mohammed Al-Mohandes has underestimated the importance of vacant lots, stating that there few plots and do not meet needs.
The head of Tenth of Ramadan Investors Association Samir Aref said that the most important thing is that the offered lands are limited to industrial projects approved by investment authority.