Egypt ready to launch 1,200 feddans for investors in new capital – official
Egypt’s state-run Administrative Capital for Urban Development (ACUD) is ready to auction 1,200 feddans for investors at downtown area in the new capital within the current period, said a senior official on Monday.
The company does not intend to launch more land plots this year, ACUD’s head of real estate sector Madgy Amin further told Amwal Al Ghad.
“New Capital’s downtown area will include commercial, administrative, and housing activities as well as the establishment of various towers, besides petroleum companies,” Amin said.
The company had earlier launched 24,000 feddans of lands earmarked for the first phase of projects in the new capital.
Spanning over around 40 feddans (168 square km), the first phase includes the Central Business District (CBD) as well as other districts for ministries and diplomats, besides housing projects.
Known for now as the new capital, the government expects the city to be 700 square km upon completion, about the size of Singapore.
Launched a year into Abdel Fattah al-Sisi’s presidency, the project aims to offer a clean and efficient base for the government and finance industry, as well as homes for at least 6.5 million people.
Located 45 km (28 miles) east of Cairo, 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 large-scale city will be a 270-square-mile hub with 21 residential districts to accommodate five million people.
The new capital is set to feature 1,250 mosques and churches as well as 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.