Polaris Parks is getting serious about its New October industrial zone: Industrial real estate developer Polaris Parks has allocated EGP 6 bn (USD 194 mn) to establish an industrial zone in New October City, the company’s general manager Bassel Shoirah told Al Arabiya.

What’s next: The company has made an advanced payment for the land to the New Urban Communities Authority and will break ground on the first phase of the project in January after it receives the land.

Polaris has ambitious investment targets: The company wants to attract USD 1.5 bn in investment into the zone from local and foreign businesses over the coming three years.

Keeping it smart: Polaris is one of several Egyptian companies jumping onto the bandwagon of smart industrial parks — clusters of factories and plants built on the principles of sustainability, integration, resource efficiency, and waste reduction.

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