ICEC

ARDIC, SIAC Holding, Polaris Al-Zamil team up for Suez Canal Axis’ 5.5 mln sqm

Egypt’s ARDIC for Real Estate Development, SIAC Holding Development, and Polaris Al-Zamil Industrial Park (PZIP) are joining forces to attain an industrial development land plot over 5.5 million square metres in Suez Canal Axis.

The alliances have earlier signed a contract with the county’s Suez Canal Economic Zone Authority to obtain the land plot, with target investments worth $3.5 billion, said ARDIC’s chief executive Ashraf Dowidar on Sunday.

“It (the agreement) aims to provide 100,000 direct and indirect job opportunities,” Dowidar further stated.

The Egyptian official referred that three firms have captured one million square metres out of the 5.5 million square metres in in Suez Canal Axis, which is the most important attractive areas for industrial investments in the country.

“The alliance is set to develop the land plot within 18 years,” Dowidar noted.

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.

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