Egypt’s Polaris Al-Zamil Industrial Park Company (PZIP) unveiled that it would start establishing a new industrial zone in Sadat City on an area of 1.4 million meter square during the next month, according to Deputy General Manager at Polaris Parks.
PZIP is a joint venture between Polaris International Industrial Parks, which is a Turkish-Egyptian shareholder structure and Zamil-Holding, a global investment firm based in Saudi Arabia.
He told Amwal Al Ghad that his company has finished all the financial and technical studies of the new industrial zone. the company has obtained the land plot from the Industrial Development Authority.
He added the contractual value of the land plot has amounted to 250 million Egyptian pounds.
He added the initial costs of the utilising wicks would reach 500 million Egyptian pounds. The works is expected to completed within two years.
The industrial development flagship aims to attract investments worth $3.5 billion and create nearly 100,000 job opportunities, including 40,000 direct job opportunities.
“Polaris developed 3.1 million square metres in Sixth of October City, with investments of 20 billion Egyptian pounds ($1.1 billion). it also attracted more than 80 foreign investors and a number of other local investors.
Last February, Industrial Development Authority has signed contracts to assign two industrial zones using the industrial developer system with Polaris Alzamil and an affiliate of El Sewedy Electric, with a total area of 2.8 million metre square.
the industrial zone would include the establishment of a large number of small and medium-sized industrial units ready on an area of up to about 100 thousand square meters.