Egypt announced preparations were underway for the launch of the first phase of the new $45 billion Administrative Capital City which will boast several key amenities such as a business and finance centre, an exhibition fair city and residential units on 10,500 acres of land in Cairo.
Dubbed as Egypt’s administrative capital, the Capital City development is one of President Abdel Fattah Al Sisi’s mega-projects that aims to kick-start Egypt’s economy. On completion, it is expected to grow from 18 to 40 million people by 2050.
The project will be built over 700 sq km east of Cairo between Greater Cairo and the Red Sea and will be executed within five to seven years at a cost of $45 billion.
The government laid out several conditions to the real estate developers and investors keen to develop the first phase of the New Capital City, reported Al Ahram.
These include a downpayment of 20 per cent of the value of the land up to 150 acres and 15 per cent if the area is larger, stated the report.
Also the developers and the investors must pay insurance worth E£15 million ($974,349) for spaces up to 60 acres, E£25 million for spaces up to 200 acres, and E£40 million for larger spaces.
The conditions also stipulate that all companies bidding for the project should not include a government official as a founder and that projects and units should be executed in a period of between three and five years depending on the size of land under development, stated the report.
The first phase also includes some residential units on which the work is nearing completion and will be handed over to citizens starting from April, it added.