IDA to launch 6M square meters of land before year-end

CAIRO – 13 September 2017: The Industrial Development Authority (IDA) will launch 6 million square meters (sqm) of land plots to investors by the end of 2017, a source in the authority said Wednesday.

Around 4 million square meters will be located in the 10th of Ramadan district, the anonymous source told Egypt Today.

Another 2 million will be launched in the industrial zone of Sadat City, in addition to issuing an industrial complex for investment by November, the source added.

The IDA has granted licenses to 923 industrial entities since the approval of the new Industrial Permits Act in March and until the issuance of its executive regulations on August 13.

The new act has facilitated the procedures of starting an industrial business and it reduced the time needed to acquire an industrial license down to 30 days, instead of more than 600 days.

Under the new law, licenses will be acquired upon notifications through the IDA, except for the industries that are categorized as being risky or harmful to the environment.

In March, the cabinet approved the 15/2017 Industrial Permits Act that aims at easing measures for obtaining licenses for industrial establishments, while President Abdel Fatah al-Sisi ratified it in May.