Polaris Parks has two new two parks to host 1k factories in the works: Industrial real estate developer Polaris Parks has signed agreements with Industry and Transport Minister Kamel El Wazir to develop two new major industrial parks in Egypt, with the company having allocated EGP 10.5 bn for the projects, Polaris Parks General Manager Bassel Shoirah told Al Arabiya Business. The first inked agreement was an MoU for an industrial park in the New Administrative Capital and the second was a contract for an industrial park in New October City — with the projects together set to host a total of 1k factories and create 50k jobs, the company said in a press release.

Polaris Parks has been around for a while, but recent diplomatic efforts are giving the Turkish-Egyptian collaboration a boost: The announcement comes after President Abdel Fattah El Sisi made his first official visit to Turkey last week, in which the agreements for the project were signed, Shoirah said. El Sisi’s visit saw the signing of 18 MoUs, as the two countries seek to deepen cooperation across a number of different sectors including transport, energy, defense, education, tourism, health, culture, agriculture and finance.

What we know so far: Polaris allocated some EGP 6 bn for the project in the New Administrative Capital and EGP 4.5 bn to develop the first phase of its 1.4 mn sqm project in New October City. The company has already been allocated the land for its New October City project and intends to start developing the industrial zone at the beginning of 2025 and complete it within two years. However, the timeline for the project in the New Administrative Capital isn’t as clear, with the company still working out the timeline for implementing the project, Shoirah said.

Polaris has ambitious investment targets: Polaris Parks is aiming to attract some USD 1 bn for the New October City development, Shoirah said. “Each 1 mn sqm we develop attracts investments averaging USD 1.5 bn,” he told Al Arabiya Business, adding that the company is asking the state that it be allocated larger areas of land to help attract more foreign investments to the Egyptian market.

Its New October City project has been in the making for a while: The company initially announced that it had allocated EGP 6 bn to develop a project in New October City back in December.

This isn’t Polaris’ only big project in the works: The company also has plans to invest EGP 5bn in the local market to set up five industrial complexes in Obour, Tenth of Ramadan, Badr City, New Cairo, and Sadat City, General Manager Bassel Shoirah said last week.

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