24 December 2018
Polaris Al Zamil Industrial Park (PZIP) is planning to develop an industrial zone in the Suez Canal Economic Zone (SCZone) spanning an area of 5.5 million square metres, a top company official said.
PZIP Deputy General Manager Bassel Shoirah didn't disclose the investment numbers but said the project would be developed in phases of one million square metres (sqm) each.
PZIP has partnered with Egyptian developer ARDIC Developments to set up Polaris Suez Canal Company to oversee the development of the industrial zone, he said.
The development of the first one million sqm is expected to start in the first quarter of 2019, Shoirah said, adding that each phase would be developed over a three-year period.
PZIP is also planning to develop an industrial area in Sadat City over an area of 1.4 million sqm.
Shoirah said the Industrial Development Authority (IDA) is providing the land and development work will start in the first quarter of 2019.
In January 2018, the company had launched the 56,000 sqm Busla integrated industrial project in the 6th of October City targeted at the small and medium enterprises (SME) sector.
The first phase of Busla project would be delivered in the first quarter of 2019, Shoirah said.
PZIP is a joint venture between Polaris International Industrial Parks, a Turkish-Egyptian joint venture and Saudi Arabia-based investment company Zamil-Holding.
(Reporting by Eman Hamed; Editing by Anoop Menon)
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