Real estate director at Polaris Parks Bassel Shoirah said that Polaris International Industrial Parks, an industrial developer, is negotiating with the Ministry of Housing to obtain lands in the New Administrative Capital, 6th of October City, and Fifth Settlement. Polaris will develop and connect the lands with services and manage the project after completion. Shoirah did not deny that a real estate bubble might be on the way, but assured that the stock of lands that real estate developers own will help the sector to not succumb to a sudden bubble collapse. He added that one of mechanisms that may reduce the effect of the bubble is the partnership between the government—represented in New Urban Communities Authority (NUCA)—and developers in sharing the land prices and revenues. Polaris International Industrial Parks is an industrial developer that was officially launched in January 2008 by former Turkish president, Abdullah Gul, as the first initiative of its kind in Egypt, both as a private industrial park and a large-scale joint collaboration between Turkey and Egypt.

Source: Daily News Egypt December 05, 2016 07:15 UTC