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Monday, 11 April 2016

Industrial Development Authority establishes regulations for industrial developers independent from cabinet

The Industrial Development Authority (IDA) has been unilaterally developing regulations governing the activities of industrial developers, bypassing a cabinet committee that was formed last November to set up the regs, Al Borsa alleges in a report. The IDA’s regulations will allow industrial developers to bid on land offered on a 49-year usufruct basis. The regulations also mandate that the IDA be a third party in any contract signed by industrial developers. These regulations conflict with an as-of-yet unannounced framework for the industry, which gives private sector industrial developers the right to build factories and supporting infrastructure on the condition that they partner with a company formed by the region’s investor association. The IDA is finalizing the legislation, which it will present to the industry minister for approval, said the authority’s head Ismail Gaber. (Read in Arabic)

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