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IDA to put forward 5m sqm of industrial development land this year: Kabil Authority completed allocating 8m sqm of industrial developer land in 10th of Ramadan, Sadat cities
Minister of Trade and Industry Tarek Kabil said that the Industrial Development Authority (IDA) has completed the allocation of 8m sqm of land in the industrial developer system at 10th of Ramadan and Sadat cities. The IDA is also expected to offer another 5m sqm this year. 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 project will include 56 units for various activities: commercial, warehouses, and industries. Each of the units will be on an area between 500 and 700 sqm. The minister witnessed the signing of an agreement between PZIP and the National Bank of Egypt to provide financing mechanisms at a convenient rate of 7-10% for units to be established at the Compass complex as part of the CBE's initiative to provide easy financing for SMEs. Tunc Ozkan, chairperson of Polaris Group, said that the group has established a company to manage facilities, which aims to meet the needs and services of the companies operating in Polaris and provide support to investors working in the region. He noted that Polaris Group aims to elevate the region to become a role model globally, having been ranked 45th best free zone globally by the Financial Times. Moreover, Ozkan said that the company recently acquired an area of 1.4m sqm from the IDA in Sadat City and signed a contract for the development of an area of 5.5m sqm in Ain Sokhna in the Suez Canal Economic Zone. The signing was concluded during the Youth Conference in Sharm El-Sheikh at the end of 2017.
