Over 1,200 investors bid for Upper Egypt land plots

CAIRO – 25 June 2017: More than 1,200 investors reportedly submitted requests to the Industrial Development Authority (IDA) to obtain land plots in Upper Egypt at no cost.

The bids came following a decision 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, IDA sources told Egypt Today.

Requesting land plots in Sohag, Assiut, Qena, Luxor, Aswan, Minya, Beni Suef and Fayoum, the applications are being studied to ensure their compliance with standards and conditions, the source, who requested to remain anonymous, said.

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.