New Egypt capital project market cap touches 1 trillion pounds – PM

The market value of Egypt’s new capital city vaulted to around 1 trillion Egyptian pounds ($61.4 billion), Egyptian Prime Minister Moustafa Madbouli said on Tuesday.

Launched in 2015 by Egyptian President Abdel Fattah al-Sisi, the new capital project aims to offer a clean and efficient base for the government and finance industry, as well as homes for at least 6.5 million people.

The new city – about 45 km (28 miles) east of Cairo – known for now as the New Administrative Capital, is expected to cover about 700 square km. The first phase, covering about 168 square km, will have ministries, residential neighborhoods, a diplomatic quarter, and a financial district. A mosque and cathedral – the largest in the Middle East – as well a hotel and conference centre, have already been built.

Egypt’s government wants to start running the nation from the new capital in the desert from mid-2020.