Phase I of Egypt’s new capital costs EGP150bln, will be finished by 2023

Egypt’s state-run New Administrative Capital Company for Urban Development (ACUD) is set to complete the development of the new capital phase I during 2023 with expected cost of 150 billion Egyptian pounds ($2billion).

The first of the new administrative capital is built on 40,000 feddans.

The first phase of the new capital includes establishing 8 huge residential neighborhoods, in addition to selling more than 18 thousand feddans to investors out of a total of 24 thousand feddans,

It is also seeing the establishment of the government district, which included 36 various buildings, in addition to the financial and business district, the cultural district and the sports city.

The development works of first phase of the project has officially started in May 2016, said the company spokesman Khaled Al Hossainy adding that the government district will be completed by the end of the current year with total cost of  50 billion Egyptian pounds