Egypt’s Polaris Al-Zamil Industrial Park Company (PZIP) says it seeks to start utilising 5.5 million square metres in the Suez Canal Economic Zone (SCZone) within the upcoming two months.
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.
The utilities works will be executed in cooperation with the country’s ARDIC for Real Estate Development and SIAC Holding Development, said Mohamed Kassem, Polaris’s board member, on Saturday.
“The alliance received last Thursday an industrial development contract from Mohab Mamish, General Authority for Suez Canal Economic Zone’s chairman, in presence of Ibrahim Mahlab, president’s adviser on national development projects,” Kassem further referred.
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, he stated.
“Polaris developed 3.1 million square metres in Sixth of October City, with investments of 20 billion Egyptian pounds ($1.1 billion),” Kassem said, adding that it attracted more than 80 foreign investors and a number of other local investors.
ARDIC developed and delivered five mega residential and commercial projects in New Cairo and El Shorouk cities, he elaborated.