Unprecedented development rates in Egypt’s New Alamein; say local developers
New Alamein, one of Egypt’s anticipated fourth-generation cities, is witnessing unprecedented development rates, according to two local real estate developers.
Speaking at a round table held in Cairo, property developer City Edge’s chief executive Amr El-Kaddy said on Tuesday New Alamein is witnessing a major number of works for citizens, focusing on economic activities to achieve sustainable development for fourth generation cities.
New Alamein is not designed to be a seasonal city, but it opens doors all the year to serve different economic activities, El-Kaddy added.
“New Alamein is not designed to be only for one season; it’s an all-over-year city open for at least six various economic activities,” El-Kaddy said
“New Alamein is not just a touristic or real estate city,” he added.
Ahmed Mansour, Castle Development’s chief executive, said real estate and tourist sectors provide around 40 percent of the country’s gross domestic product (GDP).
The new cities, for instance New Alamein, will play a crucial role to relieve congestion in Cairo, one of the world’s most crowded cities, Mansour added.
In March 2018, Egypt’s President Abdel Fattah al-Sisi inaugurated New Alamein City, northwest of Cairo, on a space of 48,000 feddans, at a cost worth 2 billion Egyptian pounds ($111,7 million).
New Alamein is one of the fourth generation cities being built in Egypt in some of the most up-to-date architectural styles, and is scheduled to be finalised in one-year timeframe.
The city is planned to have universities and schools as well as various services and tourist activities. It is expected to accommodate 400,000 populations.