Ministry of Industry to offer 17.5M meters of land to developers

CAIRO – 5 May 2017: The Ministry of Industry and Foreign Trade will offer 17.5 million meters of land to industrial developers during the current year 2017, Head of the Industrial Development Authority (IDA) Ahmed Abd el-Razek said on Thursday.

Razek added during his participation in the Greek Businessmen meeting with the Egyptian Businessmen Association that the IDA is intending to offer 60 million meters of land to investors within the coming five years, pointing out that the IDA had offered 11.5 million meters of land during the last year.

On Wednesday, the Cabinet approved the establishment of a new company named Industrial Development Company (IDC) to manage industrial zones that are already under the supervision of the IDA.

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

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

The IDA will hand over 50 allocation letters of developed industrial lands in Sohag and Luxor next Sunday.

Razek said that the industry ministry’s strategy for supporting small and medium-sized enterprises includes the establishment of 22 industrial complexes in 14 governorates, of them eight being governorates in Upper Egypt.