{"id":643425,"date":"2024-09-08T00:00:00","date_gmt":"2024-09-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/turkeys-polaris-parks-to-invest-egp-10-5-bn-in-two-industrial-parks\/"},"modified":"2024-09-08T00:00:00","modified_gmt":"2024-09-08T00:00:00","slug":"turkeys-polaris-parks-to-invest-egp-10-5-bn-in-two-industrial-parks","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/08\/turkeys-polaris-parks-to-invest-egp-10-5-bn-in-two-industrial-parks\/","title":{"rendered":"Turkey\u2019s Polaris Parks to invest EGP 10.5 bn in two industrial parks"},"content":{"rendered":"

Good afternoon, friends,<\/strong> and welcome to what seems to be a slow start of the week on the news front.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Polaris Parks to invest EGP 10.5 bn to develop two major industrial parks: <\/strong>Industrial real estate developer Polaris Parks has signed agreements with Industry and Transport Minister Kamel El Wazir over developing two major industrial parks in Egypt, with the company having allocated EGP 10.5 bn for the projects, General Manager Bassel Shoirah told Al Arabiya Business<\/a>. The first was an MoU for a park in the New Administrative Capital, and the second was a contract for an industrial park in New October City \u2014 with the projects set to host a total of 1k factories and create 50k jobs, the company said in a press release<\/a>.<\/p>\n

The announcement comes just days after President Abdel Fattah El Sisi <\/strong>made his first<\/a><\/strong>official visit to Turkey<\/a><\/strong>, <\/strong>in which the agreements for the project were signed. El Sisi\u2019s visit saw the signing of 18 MoUs, as the two countries seek to deepen cooperation across a number of different sectors. <\/p>\n

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THE BIG STORY ABROAD<\/p>\n

All eyes are on the size of the Fed\u2019s anticipated rate cut:<\/strong> While the US Federal Reserve is poised to start cutting interest rates at its upcoming 17-18 September meeting, the debate still lingers over the appropriate pace and magnitude of cuts following another month of cooler-than-expected jobs data. The Bureau of Labor Statistics jobs report (pdf)<\/a> released on Friday showed that employers added 142k jobs in August, leaving the three-month average at the lowest since mid-2020. Some officials, including Fed Chair Jay Powell, are considering more aggressive cuts to maintain economic expansion, while other officials are penciling in a 25 bps rate cut, KPMG chief economist Diane Swonk told Bloomberg<\/a>.<\/p>\n

<\/a> <\/p>\n

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