IDA signs contracts for 2 new industrial zones worth 4 bln pounds

Industrial Development Authority has signed contracts to establish and develop two new industrial zones with SDM Company for Development and Management and Pyramids Industrial Parks.

The two zones are located at the 10th of Ramadan City spanning over 4 million metre square.

Ahmed Abdel Razek, the Chairman of the Industrial Development Authority (IDA), said the total investments that would be pumped by the two companies to develop the new zones amounted to 4 billion Egyptian pounds.

He added that the industrial projects expected within the two new industrial zones would exceed 12 billion Egyptian pounds, creating 40,000 job opportunities.

He added that under the contracts the two companies are committed to implement infrastructure and marketing business and the allocation of land to the final investor within two years through continuous supervision from authority, which will adopt the contracts between the company and the final investor and will also support the developer in the marketing of industrial land plots  to accelerate the development process.

Abdel Razek further noted that 20 percent of  space in the new zone would be assigned to establish small and medium enterprises.