Egypt hopes the new capital becomes state’s largest investment hub – official

Egypt seeks to make its new capital the state’s biggest investment hub, an official at the state-owned company building it said on Thursday.

The move aimed to increase returns and recover expenses and costs to build the new city, Zaki Abdeen, chairman of Administrative Capital for Urban Development (ACUD) told reporters on Thursday.

“The development of a new capital doesn’t rely on a penny of the state’s budget,” said Abdeen

ACUD developed the governmental district in the new capital, which includes 36 major buildings for ministries and the state-owned authorities, he added.

“We have launched international tenders for the management of the city’s utilities projects, besides activating technological systems to make the new capital the first fully-fledged smart city,” he said.

The move aimed to increase returns and recover expenses and costs to build the new city, Zaki Abdeen, chairman of Administrative Capital for Urban Development (ACUD) told reporters on Thursday.

“The development of a new capital doesn’t rely on a penny of the state’s budget,” said Abdeen

ACUD developed the governmental district in the new capital, which includes 36 major buildings for ministries and the state-owned authorities, he added.

“We have launched international tenders for the management of the city’s utilities projects, besides activating technological systems to make the new capital the first fully-fledged smart city,” he said.