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Tuesday, 8 January 2019

Regs for IDA autonomy ready by month-end

LEGISLATION WATCH- Regs for granting IDA independence from Trade Ministry ready by month-end: The Industrial Development Authority is planning to finalize by the end of this month the draft executive regulations for recently passed legislation granting the authority operational autonomy, a source from the IDA told Amwal Al Ghad. The legislation will make the IDA independent from the ministry, able to allocate land to industrial investors and award industrial permits and licenses. It will also establish a fund to promote industrial activity, for which the IDA will be responsible.

INVESTMENT WATCH- The authority targets EGP 30-40 bn of new investments: This comes as the IDA targets between EGP 30-40 bn in fresh investments throughout 2019. “We are looking to tender 15 mn sqm of land to willing investors,” a source told the local newspaper, adding that 3 mn sqm will be offered under the industrial development framework. The tender pipeline includes 6 mn sqm in Sadat City, 4 mn in Borg El Arab and 5 mn across Upper Egypt. The authority is also planning to complete 13 industrial complexes for small and medium textile, food, chemicals and engineering projects in 2019. Tenders for four of the complexes — located in Alexandria, the Red Sea, Aswan and Beni Suef — will be launched in 1H2019.

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