Beni Suef investors to receive 40 land plots this week

CAIRO – 11 July 2017: The Industrial Development Authority (IDA) delivers 40 industrial land plots in Beni Suef to investors Thursday, IDA Head Ahmed Abdel Razek said Tuesday.

The pieces of land will be handed at no cost, Abdel Razek said in a statement.

The move came in line with decisions issued by the Supreme Investment Council in November to allocate developed pieces of lands to investors in Upper Egypt for five years with tax incentives to encourage investment in that region.

Last month, the IDA delivered contracts of 72 land plots to be used in the sectors of food industries, chemicals, engineering, textile and spinning, pharmaceuticals, mining and building materials.

More than 1,200 investors reportedly submitted requests to the IDA to obtain land plots in Sohag, Assiut, Qena, Luxor, Aswan, Minya, Beni Suef and Fayoum as part of the same initiative.

The applications shall include feasibility, financial and economic studies, work schedule and brief on how the investor would access funds.

Supporting development, the IDA gives priority to labor-intensive, local production, small and medium enterprises, new innovations, export, electricity, energy and renewable energy projects.