One key piece of economic legislation that MPs were fit to pass on Thursday was the Industrial Permits Act, which aims to reduce the time it takes to license a new factory. The act, whose key points are reviewed in Al Borsa, mandates that the Industrial Development Authority respond to a request for a license within 30 days of the request being filed. Industries will be offered licensing on two tracks: The first is for any heavy industry that carries significant environmental, health, safety, or security risks. These manufacturers have to apply for a license and receive prior approval from the IDA and pay fees of up to EGP 20,000. The second path targets smaller, lower-risk manufacturers, who can simply inform the IDA of their intention to open a factory. These will receive temporary licenses for up to 90 days, after which they must meet the IDA’s standards to receive a full permit. A 180-day extension on that grace period will be granted if these standards are not met. Licensing fees will be much cheaper at EGP 5,000. SMEs will be granted a 50% discount on these fees. Penalties have also been tightened, where violators could see up to a year in jail and fines of up to EGP 10 mn depending on the licensing path. The legislation is now with Maglis El Dawla for a final review and will have to be signed by President Abdel Fattah El Sisi and published in the Official Gazette before becoming law.