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The head of the IDA signed contracts last month with Polaris Al Zamil (PZIP) and SDM Institute for Management Development for the allocation of two industrial zones through the industrial developer system in Sadat on an area of 2.8m sqm, split in half between the two companies.
Ahmed Abdel Razek, head of the Industrial Development Authority (IDA), signed a protocol with Polaris Al Zamil (PZIP) and SDM for Development and Management for the allocation of two industrial zones through the industrial developer system in Sadat City on an area of 2.8m sqm split in half between the two companies.
The minister said, during his visit to the industrial park Polaris Al Zamil (PZIP) in Sixth of October City, that the expansion of the industrial developer system has allowed the creation of a new axis of industrial development through the private sector in parallel with the efforts of the state to provide the needs of the industrial sector of the lands, which contributes to reducing the burden on the state budget for the establishment and development of industrial zones.
PZIP is one of the most successful models of industrial developers in Egypt and has contributed to attract large foreign direct investments to the Egyptian economy during the last period, Kabil stressed.
During the visit, Kabil laid the cornerstone of the "Compass" project for the ready-made units of small and medium industries belonging to PZIP, which is in line with the current state trend to develop the small and medium industries sector and provide the suitable work environment and technical support for them.
The alliance of ARDIC for Real Estate Development and Investments, Polaris Al Zamil Industrial Park (PZIP), and SIAC Holding is working on establishing a new company within the next six months.
Bassil Shaera, deputy general manager of Polaris International Industrial Parks -- an industrial developer -- said that PZIP has launched an alliance with ARDIC, SIAC, and businessperson Mohamed Qasem to develop 5.5m sqm in the Suez Canal economic zone, in partnership with the General Authority for the Suez Canal Economic Zone (SCZone).
The company plans to start operating the first production lines of its new plant E08 in the Polaris Al Zamil Industrial Park (PZIP) during the second half of 2017.
In May 2016, Edita bought a 55,500-square-metre plot at the PZIP at a cost of EGP 54m.
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