IDA to decide on whether to begin seizing land from 1,000 “distressed” factories

The Industrial Development Authority (IDA) will decide today whether to begin seizing land from 128 investors unlucky enough to be part of the 1,000 factories who are constantly crying out for help in New Cairo over delays in completing construction or beginning production, according to an IDA source. The authority had previously issued several warnings and ultimatums to these investors to remedy the situation, which the investors reportedly did not heed. The factories ran into repeated infrastructure and regulatory hurdles since the zone was developed.