• Eagle Hills set to develop megaproject in Egypt
  • New capital city expected to be announced in March
  • Egypt investment conference promises major announcements

Abu Dhabi-based Eagle Hills is preparing to unveil a major real estate development that will serve as a new capital city for Egypt.

According to sources close to the 136-square kilometre project, details of the scheme will be released at Egypt’s Economic & Development Conference in Sharm el-Sheikh on 13-15 March.

Eagle Hills overseas projects
Project name  Value ($bn) Country
Belgrade Waterfront  5.4 Serbia
Centenary City 4 Nigeria
Marassi al-Bahrain TBC Bahrain
TBC=To be confirmed. Source: MEED

Eagle Hills has launched similar schemes in Serbia and Nigeria over the past year.

Ashraf Salman, Egypt’s investment minster, said the city is set to be approved at the upcoming investment conference, in an interview with Abu Dhabi-based newspaper The National.

Salman went on to confirm that the project, which will not be funded by the Egyptian government, will be developed entirely through foreign investment.

In January, MEED reported that Eagle Hills and the local Al-Mabaar had joined forces and were considering plans for new projects in Egypt, which is becoming an attractive destination for Gulf and UAE real estate investment.

Eagle Hills and Al-Mabaar join forces

Abu Dhabi has formed one of the world’s largest property development companies, with Al-Mabaar becoming part of Eagle Hills. Eagle Hills now has a combined portfolio of projects totalling $20bn across the Middle East, Africa and Europe. Read more.

In preparation for the conference, several major real estate projects and plans have been announced.

The most recent announcement was made on 26 February regarding a plan by Egypt’s Central Agency for Construction, which works under the country’s Housing Ministry, to pump $203m into infrastructure and housing projects in the Sinai Peninsula.

MEED also reported on 24 February that Egypt’s Housing Minister Mostafa Madbouly has announced he will propose a $19bn residential project during the economic summit being held in Sharm el-Sheikh.

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