24 investment entities get 2,500 feddans in Egypt’s new capital
Egypt’s state-owned Administrative Capital for Urban Development (ACUD) announced on Thursday that it has allocated 2,500 feddans for 24 investment entities at the 7th residential district in the new capital
The 24 investment entities include El Shams for Housing and Development, Sorouh Developments, Amoun Real Estate Investment, Cooperative Association for Housing and Construction, Living Yards Developments, and Misr Italia.
As for ACUD, the owner and developer’s shareholders comprise of Egyptian government’s New Urban Communities Authority (NUCA), National Service Products Organisation (NSPO), and Armed Forces National Lands Projects Agency.
Located 45km (28 miles) east of Cairo over 170,000 feddans, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 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.