Egyptian real estate developer Inertia Holding Group is planning to start a residential project in the country’s anticipated administrative capital city, its chairman Ahmed El Adawy announced Wednesday.
Inertia has submitted a request to the Ministry of Housing to obtain 200 feddans to implement a residential project and land plots ranging between 40,000 and 100,000 metres for commercial, administrative, medical, and entertainment projects in the new capital city in order, El Adawy said.
The proposed new capital of Egypt is a large-scale project announced at the Egypt Economic Development Conference on 13 March 2015 and was dubbed as a ‘global city for Egypt’s future’ and ‘a city shaped by nature’, with a reliance on renewable energy. It promises housing to five million people and will also include a new central business district with hotels, shopping centers, theme parks and more.
The $US 45 billion capital city project, which is set to be completed within 12 years, is primarily aimed at transferring Ministries, government buildings and foreign embassies from down-town Cairo to the new capital and would be established on the Suez-Cairo-Ain Sokhna road.