IDA to re-tender land plots seized from 1,000 factories project investors

The Industrial Development Authority (IDA) is set to re-tender 15 land plots seized from investors in the New Cairo 1,000 factories project, IDA sources tell Al Mal. The authority has reportedly withdrawn land from 600 factories investors after failing to meet several consecutive deadlines to begin construction or production, according to the sources. Under IDA regulations, investors must break ground on their facilities within a year of obtaining the land and must begin production within three years. A second batch of seized land plots will also be tendered in two months’ time.