UAE Leaders Group to invest $50 million in Egypt new capital in five years
UAE investment firm, Leaders Group plans to invest $50 million in Egypt’s new administrative capital project over the next five years, its head of planning, said on Wednesday.
The anticipated investments will focus on the higher education sector through setting up a private university in partnership with one of the Egyptian investors, Amgad Salama told Amwal Al Ghad, without disclosing the name of the partner.
Leaders Group’s investments in Egypt currently stand at $20 million through seven subsidiaries, Salama said.
The company provides one of the most highly acclaimed training and consulting services directed to aid the companies and business organisations in the UAE and the Arab world.
Known for now as the New Administrative Capital, Egyptian government expects the city to be 700 square km upon completion, about the size of Singapore.
Announced at an economic conference in 2015, the new city is envisioned to replace Cairo, the existing traffic-clogged capital on the Nile that has become urban sprawl of more than 20 million people.
The first phase, spanning over 168 square km, will have ministries, residential neighborhoods, a diplomatic quarter, and a financial district. A large mosque and cathedral, as well a hotel and conference center, have already been built.The new capital will also have a complex of universities, known as the Knowledge University.
Launched by Egyptian President Abdel Fattah al-Sisi, the 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.