A Turkish–Egyptian company signed two deals with the Egyptian government to invest $200m for the development of two industrial zones in the country during a visit by Egyptian President Abdel Fattah el-Sisi to Ankara for the first time in 12 years.
During the ceremony on Wednesday, Polaris Parks managing director Osman Evren Arikan signed a deal with the Egyptian government to acquire a 2.6 million square metre plot of land in Egypt’s New October City to establish an industrial zone, where a total of 18 agreements were signed between Turkey and Egypt.
Among the bilateral memoranda of understanding between the two countries, there were deals in finance, energy, environment, urban planning, and health.
Turkish President Recep Tayyip Erdogan and Sisi personally oversaw the event, jointly saluting a new era in relations following years of disputes and a breakdown in ties.
In an interview with Middle East Eye, Arikan said the project aims to be completed within a maximum five-year timeline, possibly creating 25,000 to 30,000 job opportunities.
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Arikan signed a separate memorandum of understanding with the Administrative Capital Company in Ankara to develop a new industrial complex in the New Administrative Capital, east of New Cairo City.
“These two projects together will attract investments from 1,000 companies, creating jobs for 50,000 people,” Arikan told MEE.
“They will together receive more than $2bn in direct investment.”
Polaris Industrial Parks, a joint Turkish, Egyptian, and Saudi initiative, already has three industrial zones in Egypt, which provide services to more than 700 factories, including major companies such as P&G.
Arikan said Polaris provides modern, environmentally friendly infrastructure and services for the factories in its industrial zones.
“Our investments in Egypt have a concrete impact on the Egyptian economy, and we were delighted to be part of the signing ceremony between the two countries to showcase our added value,” Arikan added.
