Polaris Parks will soon be opening up shop in the New Capital after the industrial developer finalized its partnership agreement with the Administrative Capital for Urban Development to develop a 1.8 mn sqm industrial and logistics park, according to a joint statement (pdf). The announcement follows an MoU signed by the two during President Abdel Fattah El Sisi’s visit to Turkey in 2024.

The USD 120 mn project is expected to attract investments of USD 2 bn, according to an Industry Ministry statement, citing Industry Minister Khaled Hisham.

Heavy industry will be off limits to avoid a detrimental effect on the wider city, with the project focusing on light and clean industries including food, pharma, engineering, chemicals, and cosmetics, Polaris Parks General Manager Bassel Shoirah tells EnterpriseAM.

What’s next? The zone will be up and running in two years, we were told.

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