Egypt and Spain to sign Partnership Agreement for the establishment of "Pyramids Zona Franca - Egypt" under the Program for Industrial Zones Development in partnership with the private sector (the new generation of industrial parks)

Cairo - April 27^th 2009: Today will witness the proceeding of the signing ceremony by and between Pyramids Industrial Parks, the leading Industrial Real-estate Community Developer in Egypt and  El Consorci de la Zona Franca de Barcelona, the largest developer of industrial parks in South Western Europe, for the establishment of  an industrial community in the10^th of Ramadan industrial zone under the name "Pyramids Zona Franca - Egypt". The event will be held under the Auspices of the Egyptian Ministry of Trade and Industry and the General Authority for Industrial Development.

This landmark event highlighting the extent of Egyptian/Spanish economic cooperation comes as a follow up to another important meeting held between both companies in Egypt during 2008 in the presence of his Royal Majesty King Juan Carlos I of Spain and His Excellency Eng. Rachid Mohamed Rachid, Egyptian Minister of Trade and Industry.

Statements by Eng. Nehad B. Ragab, Chairman of PI Parks reflect the strong conviction his company has in further developing and enhancing the industrial sector in Egypt. "In response to the ever growing demand by the industrial sector to seek and find new and innovative business solutions for industrial growth and development, we have answered such calls with the creation of world class industrial communities in the form of PI Parks, the regions leading Industrial Real-estate Community Developer. We provide comprehensive logistical solutions for manufacturers in order to attract both domestic and foreign direct investment and optimize operational efficiency and promote long-term sustainability. There is no doubt that industry will lead the way as one of the major economic enhancement sectors in Egypt and we want to play a positive role in our nation's continued economic growth.

The partnership we are celebrating today by and between PI Parks and El Consorci de la Zona Franca de Barcelona, a leading Spanish company whose history goes back to 1916, is aligned to Egypt's national strategic plan for industrial development and will target diverse and major sectors such as construction engineering, food processing, building material, chemicals, medical equipment and textiles."

Ahmed Sultan, General Manager of PI Parks added "This new project will host over 96 facilities including lots of lands for sale for the establishment of new factories and will also offer standard fabricated buildings (SFB's) for small and medium size industries, logistics facilitates and commercial/administrative spaces for lease or sale. The project also provides logistical and residential services, offering the perfect working environment for owners, tenants and employees increasing the industrial sector's competitiveness both domestically and internationally.  The project is expected to attract over 1.4 billion Egyptian Pounds worth of investments and will create over 20,000 new jobs bringing prosperity to surrounding communities.

In its continuous pursuit for regional leadership, PI Parks announced last February 2009 the launch of operations of ISKRAEMECO, the first factory built on the project amounting to investments exceeding 120 million Egyptian Pounds. ISKRAEMECO's factory is the first of its kind to be launched and operated under the umbrella of the Program for Industrial Zones Development, a true sentiment of public private partnership establishing solid grounds for the new generation of industrial parks in region.

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© Press Release 2009