Tractors are seen at the Tahya Misr housing project in Al-Asmarat district, Al Mokattam, east of Cairo, Egypt June 2, 2016 - REUTERS/Amr Abdallah Dalsh
CAIRO – 12 December 2017: "The Industrial development Authority (IDA) will launch 60 million square meters of industrial land plots by 2020," Chairman of the IDA Ahmed Abdel Razek said Tuesday.
In a conference organized by the American Chamber of Commerce, Abdel Razek disclosed that the construction sector has finished developing 25 million square meters from this plan.
“Around eight million square meters were launched for investors in Sadat and 10th of Ramadan cities,” Abdel Razek added.
The IDA was scheduled to launch six million square meters of land plots to investors by the end of 2017.
Around four million square meters will be located in the 10th of Ramadan district. Another two million will be launched in the industrial zone of Sadat City, in addition to issuing an industrial complex for investment by November.
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.
In June, 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.
Supporting development, the IDA gives priority to labor-intensive, local production, small and medium enterprises, new innovations, export, electricity, energy and renewable energy projects.