New Industrial Complex in 6^th of October with LE4 billion Investments
 

Eng. Rashid Mohamed Rashid, Minister of Trade and Industry, and the Turkish Ambassador to Egypt, Safak Gokturk, witnessed on Tuesday, October 2, the signing ceremony of the construction & servicing contract of a new industrial complex in conformity with the highest environment-friendly world specifications on an area of 2 million m² in the northern expansions of the 6^th of October industrial zone to encompass 150 factories with investments estimated at LE4 billion over 5 years, offering 22,000 job opportunities, expected annual exportation volume of $2 billion and applying the General Developer System. The contract was signed by Eng. Amr Assal, chairman of the Industrial Development Authority (IDA) for the Egyptian side, the president of Polaris International Industrial Parks for the Turkish side, and Eng. Nehad Ragab, chairman of SIAC (the Egyptian partner).

Rachid stated that the contract provides for a multi-phase servicing and development of the zone. The 1st phase will cover an area of 600,000 m² and take 26 months, the 2^nd phase will be completed within 38 months and cover an area of 550,000 m2, the 3^rd phase will take 50 months and cover an area of 340,000 m² , and finally the 4^th phase will take 62 months and cover an area of 510,000 m² .

The new industrial zone constitutes a great advance in the establishment of industrial zones, Rachid said. The zone will be an integrated one with housing, trading, entertainment, service compounds and green areas in order to facilitate work (rendering the One-Stop Shop services), he added. On the other hand, 60% of the area was allocated for setting up spinning, textile, and ready-made clothing factories and their requirements while the rest of the area for building up food and glass factories, he explained.

Meanwhile IDA chairman said that there are 4 other industrial zones to be operated under the General Developer System. The first industrial developer contract was signed with a Saudi investor for servicing and developing an area of 1.5 million m² in the 6th of October City with investments of $700 million, he elaborated.