Cabinet approves new firm to manage industrial zones

CAIRO - 4 May 2017: The Cabinet approved the initial founding of an administrative company to manage industrial zones, according to a cabinet statement on Wednesday.

The new regulatory company, the Industrial Development Company (IDC), is one of the government's new initiatives to revitalize Egypt's economy and entice foreign investors.

The new company, in turn, will be administrated and supervised by the Industrial Development Authority (IDA).

The role of IDC is to manage industrial zones within the IDA’s jurisdiction. Tasks include developing such zones, developing campaigns, setting up needed service activities such as checking, following up on logistical services, and implementing technical studies related to industrial activities.

Egypt has 126 industrial zones nationwide, and has a plan to increase this number in the near future by adding more industrial areas that are either directed by IDA or new economic zones like the Suez Canal Economic Zone or the Golden-Triangle Economic Zone, currently under construction.