9 investment entities get 177 feddans in Egypt’s new capital

Big 5

Egypt’s state-run Administrative Capital for Urban Development (ACUD) issued on Wednesday decrees to allocate 177.67 feddans for nine investment entities at the 8th residential district in the new capital.

Ain Shams University Staff Club was granted 18.14 feddans in the 8th residential district. Aqar Misr for Urban Development Co. and Alaela Co. for Real Estate Investment had 16.98 feddans and 8.31 feddans, respectively.

Cornerstone Group and Namaa Association for Cairo Police Offers got 10.87 feddans and 25.17 feddans, respectively.

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.