Ahmed Abdel Razek, head of the Industrial Development Authority (IDA), signed with Riad Kiwan, managing director at CPC International, a contract for the establishment and development of a new industrial zone in the city of Sadat, on an area of 1.1m sqm and worth EGP 900m.

Abdel Razek said that signing this contract came within the framework of the Ministry of Trade and Industry’s strategy to launch 60m sqm of industrial lands with utilities in 2020.

He revealed that the investments into industrial projects that are expected to be attracted in the new region are worth EGP 2bn and are projected to create 8,000 direct jobs.

Abdel Razek pointed out that this region is the third area to be contracted for development by the industrial developer system in Sadat this year.

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.

This brings the total area of the industrial zones that have been contracted in the city to 3.9m sqm.

Earlier in February, Abdel Razek explained that the services provided by the developer within the industrial zone include the establishment of an administrative building for the management of the industrial zone, a medical clinic, an equipped training centre, a child care centre, a firefighting station, security services, and an industrial sewage treatment plant, along with a civil defence system for the area.