El Shams to invest EGP 1 bln in Egypt new capital project

Egypt’s El Shams for Housing and Development says it will invest within a year one billion Egyptian pounds ($55.9 million) for the construction works of a new residential project in the country’s new capital.

The state-owned company seeks to start the construction works of the project, which will be established over 37 feddans within next October, its chairman Mahmoud Maghawry said Monday.

El Shams is seeking to obtain the ministerial approval on the project within a week, Maghawry said, adding that the flagship will include 1,700 fully furnished units.

“We plan to market the project before the end of this year,” he said, adding that it is to be completely delivered within a timeframe of four years.

Located 45km (27.9miles) east of Cairo, the anticipated new capital 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 center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.