Egypt’s minister of housing, Mustafa Madbouly, has unveiled government’s plan to construct a new city to extend the current capital Cairo, a development which will be funded entirely by private developers.
The minister said it would cost US$45 billion and take 5 to 7 years to complete.
The new city is expected to accommodate seven million residents and will be the new capital of Egypt.
The planned city will cover 700 km2 and the country hoped to secure a backing of US$44 billion from a Middle East developer.
The new city was being developed by Egyptian and international experts and would be an investment of Capital City Partners, a real estate investment fund led by Emirati Mohamed Alabbar, who also built the Burj Khalifa – the world’s tallest building.
The project will involve relocation of government buildings and foreign embassies from central Cairo and is intended to ease congestion in the existing capital, which has been home to nearly 18 million people.
It will involve construction of a new airport larger than Heathrow, office buildings, massive residential developments and other facilities.
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