Egypt to Start Work on New Capital City

Egypt said preparations were underway for the launch of the first phase of the new $45 billion Capital City which will boast several key amenities such as a business and finance center, an exhibition fair city and residential units on 10,500 acres of land in Cairo, TradeArabia reported. Dubbed as Egypt’s administrative capital, the capital city development is one of President Abdel Fattah Al Sisi’s mega-projects that aims to kick-start Egypt’s economy. On completion, it is expected to grow from 18 to 40 million people by 2050. The government laid out several conditions to the real estate developers and investors keen to develop the first phase of the new city, reported Al Ahram. These include a down-payment of 20% of the value of the land up to 150 acres and 15% if the area is larger, stated the report. Also the developers and the investors must pay insurance worth E£15 million ($974,349) for spaces up to 60 acres, E£25 million for spaces up to 200 acres, and E£40 million for larger spaces.