Egypt’s Administrative Capital for Urban Development (ACUD), the master developer of the New Administrative Capital (NAC) has signed a partnership agreement with Polaris Parks for Industrial Development to develop an integrated industrial complex in the NAC along the Ain Sokhna Road.
The project will span 1.8 million square metres (sqm) and is expected to attract more than $120 million in direct investments, while creating approximately 15,000 direct and indirect jobs, the companies said in a statement.
The complex will integrate manufacturing with high-end logistics and support services, and will target food, engineering, pharmaceutical, chemical, and cosmetics industries.
The site preparation phase is expected to be completed within 18 months, the statement said, adding that project will be implemented in a single phase.
It said the complex is expected to become operational in two years following the completion of site preparation stage.
The memorandum of understanding (MOU) for the project was previously signed in the presence of Abdel Fattah El-Sisi and Recep Tayyip Erdoğan.
Polaris Parks, founded in 2007, develops and operates industrial complexes across Egypt with a portfolio exceeding 10 million sqm.
(Writing by Marwa Abo Almajd; Editing by Anoop Menon) (anoop.menon@lseg.com)
Subscribe to our Projects’ PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.
