Turkish Polaris Parks earmarks EGP 10.5B for 2 industrial zones in Egypt

Updated 9/9/2024 7:52:00 AM

Arab Finance: Polaris Parks is allocating EGP 10.5 billion to develop two industrial zones in Egypt, the company’s General Manager Bassel Shoirah told Al Arabiya.

A contract and a memorandum of understanding (MoU) were signed in regard to these zones during President Abdel Fattah El-Sisi's visit to Türkiye on September 4th.

The contract was signed between the company and Deputy Prime Minister Kamel El-Wazir for a 1.4-million-square-meter (sqm) land plot in New October City, while the MoU was sealed for the development of over 2 sqm in the New Administrative Capital, Shoirah said.

Shaira explained that Polaris is dedicating the EGP 6 billion sum for the New Administrative Capital land, with EGP 4.5 billion for developing the first phase of the allocated land in New October.

The Turkish company aims to begin developing the New October industrial zone by early 2025, as per Shoirah. However, the timeline for the New Administrative Capital project is yet to be determined.

Polaris Parks is targeting local and foreign investments exceeding $1 billion for the New October zone within two years, with potential increases if more land is acquired, the general manager noted.

Shoirah also mentioned that every million sqm developed by Polaris attracts up to $1.5 billion in investments on average.

Operating in Egypt since 2007, Polaris Parks is seeking additional land to help draw more foreign investments to the country.

Moreover, the company is planning to complete the first phase of the New October project within two to three years and is looking to acquire between 1 and 3 million sqm of lands in cities like Sadat, 10th of Ramadan, Obour, Badr, and Borg El Arab.