The Finance Ministry finalised on Sunday its reevaluation of 48.6 million square metres of land in the 10th of Ramadan area in order to be offered up to investors by the Industrial Development Authority. In an official statement, Lotfy Shendy, the head of the General Authority for Government Services and head of the ministry's land reevaluation committee, said that metre price for the reevaluated areas range between EGP 420 and EGP 750. "These prices are valid for 6 months only and if no investment developments occurred then they will be re-revaluated once again to ensure transparency and maintain the rights of the public treasury." Shendy said the price variation in the different plots of land, which total 720, was due to the categories the committee set and each plot's advantages. The closeness of the land to already developed areas and the type of industrial activity it will be dedicated to also reflect on the price, Shendy added. He pointed out that the committee has also reassessed 10 acres along the industrial area in southeast Raswa in Port Said governorate at EGP 19m. The land will be used to establish a parking lot to accommodate the trucks that work and deal with the port on regular basis. Shendy mentioned that Ahmed Galal, minister of finance, urged the committee to accelerate the assessment process especially for the industrial areas. EGP400m in government funds had been set aside to renovate Egyptian industrial zones. The ministry added that location of the developed zones will be according to the industrial development map, which is currently being prepared by the Ministry of Industry and Foreign trade.
