Polaris to invest $120M in New October City
Updated 8/1/2024 2:20:00 PM
Arab Finance: Polaris International Industrial Parks is looking to invest around $120 million in developing a 2.6-million-square-meter land in New October city, in collaboration with the New Urban Communities Authority (NUCA), as per an official statement.
The announcement came during a meeting between Minister of Investment and Foreign Trade Hassan El Khatib and a delegation from Polaris to review the company’s ongoing and future projects in Egypt.
For his part, El Khatib pointed out that the firm is considering expanding in the New Administrative Capital (NAC) by developing industrial areas under an agreement with the Administrative Capital for Urban Development (ACUD).
Moreover, the meeting touched upon ways to foster cooperation between the Ministry of Investment and Foreign Trade and Polaris regarding the organization of a roadshow in Türkiye in September.
This aims to lure further Turkish investments to the Egyptian market.
It is worth noting that the company’s investment portfolio in Egypt has reached $4.5 billion, creating 65,000 job opportunities.
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