Tuesday, 02 February 2010
Egypt's Industrial Development Authority (IDA) said on Monday it was tendering 42 million square meters of land to develop for industrial projects, the state news agency MENA reported.
The tender is open to private and state investors, both international and Egyptian, MENA quoted Minister of Trade and Industry Rachid Mohamed Rachid as saying.
Of the land, 8 million square meters are slated for development in Tenth of Ramadan City northeast of Cairo, 9 million in Sadat City northwest of Cairo and 7 million in Borg el-Arab near Alexandria, MENA cited IDA Chairman Amr Assal as saying.
The industrial projects are expected to attract total investments worth up to 85 billion Egyptian pounds, MENA reported. It gave no timeframe for the tender.
The ministry requires industrial developers to adhere to maximum selling prices for the land and not to sell it through auction to prevent competing bidders from raising prices.
Reuters
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