- Eagle Hills to develop 50,000 units for new capital city
- Infrastructure work to start within three months
- Egyptian contractors encouraged to participate in construction
UAE-based Eagle Hills and Egypts Housing Ministry have reached an agreement to start building about 50,000 units as part of the new capital city project, according to a statement released by the ministry on 18 April.
Housing minister Mostafa Madbouly said Eagle Hills will coordinate with the Egyptian Federation for Construction & Building Contractors to help encourage local contractors to take on work for the 50,000 units.
The ministry also confirmed that phase one of the infrastructure work will start within three months.
The new city, which will be spread across an area of 700 square kilometres, is expected to have a population of 5 million people and create 1.7 million jobs.
Egypt also confirmed that a new airport would be built, along with an extensive road network that connects Suez city with Cairo.
The new city will be built 45km east of Cairo and 80km from Suez.
Egypts new administrative capital city project:
- 40,000 hotel rooms
- 16 square kilometres of airport space
- 490 sq km of land for development
- 21 residential districts
- 91 sq km of energy farms
- 5.5 sq km of business districts
- It is understood the project will be developed entirely through foreign funding, with the first phase expected to cost up to $45bn