Emaar, Polaris bid to establish industries in Upper Egypt

CAIRO – 14 August 2017: The Industrial Development Authority (IDA) will start reviewing the bids offered by five firms, including Emaar Properties and Polaris Real Estate, to build industrial complexes in Upper Egypt, Al Borsa Newspaper reported Sunday.

IDA Chairman Ahmed Abdel Razek said that the authority is planning to issue another global tender soon for the automation of its services and facilities.

On Sunday, the executive regulations of the Industrial Permits Act were issued to facilitate the procedures of starting an industrial business.

Minister of Industry Tarek Kabil said the act encourages integration between the unofficial and official economy, where industrial licenses will be given in less than a week, but the risky industries will get permits in less than 30 days.

Kabil explained that 80 percent of the projects will be granted licenses upon notification.