"Industrial Development" to launch 4 million square meters of land for industrial developers in the city of TenthVisits : 159

A source at the Industrial Development Authority (IDA) said that the Authority is ending six million meters of industrial land for developers by the end of this year, pointing out that it is scheduled to launch 4 million meters for industrial developers on the tenth of Ramadan.

The source added that "the seventh day" that will be put 2 million meters in the city of Sadat industrial developers to become the total land for developers 6 million meters, in addition to the launch of a new industrial complex in the industrial city of Sadat by November.

It is noteworthy that the industrial developer, is a group of private sector companies that undertake the tasks of industrial land transfer through tenders announced by the Industrial Development Authority, and began to work for this system for the first time in 2006.

 The developer system helps to provide full industrial land to the investor by establishing a partnership with the private sector, allowing large companies to develop, import and manage industrial zones. The number of industrial development areas in Egypt reached about 12 areas in 10th of Ramadan and 6th of October , Sharqiyah, Sadat, and Burj Al Arab. "

The Industrial Development Authority has recently finalized new contracts with developer companies to prevent any excess of land prices after they were allocated. The contracts included obligating developers to complete the land acquisition and handover to investors within 3 years from the date of receipt. The industrial developer will complete the construction during the first year, Construction of the administrative building and delivery to investors will begin within the next two years.