Investments in Egypt new capital hit $15 billion – official

Investments in Egypt’s new administrative capital have neared 250 billion Egyptian pounds or $15 billion, head of the operating company said on Tuesday.

“There are eight residential districts as well as administrative and entertainment buildings underway there (the new capital),” said chairman of the state-owned Administrative Capital for Urban Development’s (ACUD) Ahmed Zaki Abdeen said in an interview with Al Arabiya.

ACUD is pumping financing of 170 billion pounds into the new capital’s utilities works as well as other 50 billion pounds for the governmental district, Abdeen added.