El Wadi Cement loses license

Egypt's Industrial Development Authority (IDA) has said El Wadi Cement will not be reissued a cement licence, Reuters has reported. Egypt, which reopened the cement licence's bidding process in May, has blocked El Wadi and other cement firms from bidding in an effort to boost competition and bring down prices, it said. "The licence will not be returned. We have already announced the bid. Their land has been withdrawn and other bidders are now on the table," Amr Assal, head of the IDA told the news service. "It's too late."

Posted on Wednesday, June 30-2010

News provided by: AME Info