Fast-tracked Egyptian megaproject was launched in March
- Building work for captial city due to start in second quarter
- Project is Egypts biggest real estate scheme
- Development was launched with UAE backing in March
The developers backing the new capital city project in Egypt plan to start construction work on the first buildings by the end of the second quarter of this year.
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.
The city will be built 45 kilometres east of Cairo and 80km from Suez.
According to the website dedicated to the project, the development will comprise:
- 40,000 hotel rooms
- 16 sq km 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
Egypts Housing Minister Mostafa Madbouly officially announced the details of the scheme during his presentation at the Egypt Economic Development Conference, which was held in Sharm el-Sheikh in mid-March.