Govt considers raising prices of land allocated for industry

The government is currently studying a proposal for a gradual increase in the price of state land allocated for industrial projects, Trade and Industry Minister Rachid Mohamed Rachid said on Monday.

The price increase is expected to be between 20 percent and 30 percent depending on location, the minister said.

“There's a shortage of land for industrial projects. We need more than 300 million square meters of land for projects slated for 2011 alone,” Rachid explained. “This is quite strange, given that 95 percent of Egyptian territory is desert.”

“We will continue charging investors for infrastructure only,” the minister added, stressing, however, that investors would not be permitted to resell the land at prices higher than those originally paid for it.

Translated from the Arabic Edition.

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