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FINANCIAL NEWS
Egypt starts bidding round for cement licenses
04 May 2010
(MENAFN) Egypt’s Industrial Development Authority opened bidding for two cement production licenses, but the authority will not allow existing cement firms in Egypt to bid in this round, Reuters reported.
The industrial watchdog aims to boost competition and bring down prices by forbidding existing firms to bid.
Head of the authority, Amr Assal, said that the two new licenses will replace ones that had been held by El Wadi Cement and North Sinai Cement but which were cancelled late last year over start-up delays and financing shortfalls. Both firms were awarded their licenses in 2007.
Assal said that the authority aims to create better competition on prices and move away from five or six firms that control the market.
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