The Industrial Development Authority (IDA) is working to put controls on offering industrial lands in Upper Egypt free of charge, in preparation to offer them to serious investors, according to head of the IDA Ahmed Abdel Razek.
Abdel Razek told Daily News Egypt that it is difficult to identify specific regulations now, but the IDA is working closely with stakeholders to offer lands to the investor, adding that the regulations will be announced immediately upon their completion.
During the first meeting of the Supreme Council for Investment, headed by the president on Tuesday, the council approved the allocation of industrial lands in Upper Egypt free of charge to serious investors, in accordance with the regulations and requirements set by the IDA and according to the State Investment Map.
The council approved offering industrial lands in Upper Egypt, New Minya, New Sohag, New Assiut, and New Beni Suef at a price of EGP 500/sqm. The delivery of lands that are connected to services and utilities in these cities will begin after a year.
Moreover, the council approved offering lands in the New Administrative Capital and new cities in East Port Said, El-Alamein, Galala Plateau, and New Ismailia with a 25% discount for a period of three months from the date of offering.
Further, the Supreme Council for Investment also approved granting factories temporary industrial licences for one year until these factories reconcile their legal situation in accordance with the regulations prescribed by the Minister of Industry and Trade.
In April, the president issued a national decree to allocate industrial lands to investors free of charge in the governorates of Minya, Assiut, Sohag, Qena, Aswan, and New Valley.