By: Heba El-Kordy

Cairo – Mubasher: Investors have welcomed the Egyptian government’s announcement to launch a platform for allocating industrial lands online.

This move will significantly contribute to combating bureaucracy and corruption as well as promoting transparency, head of the Egyptian Lebanese Businessmen Association, Fathallah Fawzy, told Mubasher.

In addition, the online platform will also help end the brokers’ involvement in the allocation transactions, he noted.

Fawzy stressed the need for offering industrial lands at fair prices as the undersupply has led to overpricing, noting that the prices of industrial lands at New Alamein City reached EGP 1,350 per metre.   

Egypt’s Industrial Development Authority (IDA) plans to offer 1,000 industrial land plots through the online platform in the pilot phase.

Previously, IDA announced offering 31 square metres of industrial lands over a period of three years as part of the ministry of trade and industry’s 2020 strategy.

For his part, Alaa El-Sakty, deputy chairman of the Egyptian Union for Investors Associations, said that the government’s decision to allocate industrial lands online will help facilitate procedures and reassure investors about the government’s commitment to support investment.