Egyptian Ministry of Housing and Abu Dhabi-based Eagle Hills have launched a new company, responsible for the national project to build Egypt’s new administrative capital, minister Moustafa Madbouly announced Sunday.
Speaking in the opening session of Egypt’s “Government & Developer: A Partnership for Development” conference kicked off on Sunday, minister Madbouly clarified that Eagle Hills would not be the sole company to execute the new capital project.
The UAE firm will act as the project’s key developer that coordinates with other firms to work on the project, the minister noted. Therefore, more real estate developers can join and involve in carrying out the new administrative capital, which will not be then implemented by one entity.
“Government & Developer: A Partnership for Development” starts its first conference on Sunday, with the theme of “The New Egyptian Experience for Reconstruction” in the presence of Egypt’s Housing Minister and 400 executive leaderships of major real estate developers.
Furthermore, the minister referred that the state’s contribution in any partnerships with investors differs according to various factors such as the space of land plots and objectives of each project.
Works on Egypt’s new administrative capital project will start by building up 50.000 units as the first phase, Madbouly noted.
Egypt’s new administrative capital would have large green spaces, an international airport, a theme park four times bigger than Disneyland in California, 90 square kilometres of solar farms, and an electric train to link with Cairo.