Egyptian Mohandes Insurance Company says it has won a policy bid to insure a number of construction, residential, and road flagships worth 10 billion Egyptian pounds ($565.3 million) in the county’s new administrative capital city.
The utilities works of the new capital’s first phase are with total cost estimated at around 100 billion pounds, said the company’s chairman and managing director Reda Fathy on Sunday.
The works, which were execute over 40,000 square metres, include a bunch of drinking water and sewage stations as well as a major road network, besides tunnel and bridge projects, Fathy further added.
The Egyptian official referred that the county is currently carrying out 25,000 housing units at the first residential district in the new capital.
Located some 40km (24.8 miles) to the east of Cairo, the under-construction new capital city is part of the government’s plan to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.
The city will be a 270-square-mile hub with 21 residential districts to accommodate five million people.
It will feature 1,250 mosques and churches, a 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.