Egypt: The Egyptian Industrial Development Authority (IDA) has announced that it will issue 12 cement licences in the second half of October 2011 to lure new firms into the Egyptian market and boost the sector's competitiveness.
"The authority aims to offer 18Mt/yr, 1.5Mt/yr per licence," said IDA head, Ismail El-Nagdy, who added that the licences will be awarded to new producers rather than existing ones in order to offer alternatives to consumers.
The popular uprising that ousted long-time President Hosni Mubarak from power in Egypt in February 2011 has forced the government to slash its short-term economic growth forecast and deepened a crisis in the once-booming real estate sector, a major cement consumer. The IDA says that new entrants into the cement market are needed to meet an expected longer-term rise in construction, especially as the Housing Ministry builds more housing units to meet the needs of Egypt's growing population.
