New Capital’s Business District to receive EGP9bln investments during 2020
Egypt expected to pump investments of 8-9 billion Egyptian pounds in the Central Business District of the New Administrative Capital during 2020, head of the New Administrative Capital Authority Mohamed Abdel Maksoud said.
The new district will include 20 giant multi-use towers buildings including the the iconic tower, which will be a 358-metre tall.
He also told Amwal Al Ghad that the Central Business District will witness high achievement rates regarding the infrastructure works, adding that the towers are attracting various investments requests during the current period.
He also added that the third and fifth residential neighborhoods will be completed within the current year, where 70 percent the fifth residential neighborhood project will be finished and the third district will be fully finished .
The new Urban Communities Authority allocated investments worth 30 billion for the New Administrative Capital during 2020 with 9 billion pounds directed to infrastructure and major utility networks, and 21 billion pounds for the housing projects in the city.
Located 45km (28 miles) 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 centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.