In the middle of the desert, 18.6 miles east of Cairo, the new administrative capital in Egypt will open in the first quarter of 2019 a new beginning that opens the horizon for investors and take administrative institutions away from the congestion of Cairo.
The new capital to avoid the old congestion;
The major reason for the new capital city is to relieve congestion in Cairo, which is already one of the world’s most crowded cities with a population more than 23 million people.
In addition to increasing investment by creating a new life (places to live, work and visit).
The project is scheduled for completion in 2020.
What the city has;
The city will consist of residential neighborhoods, artificial lakes, educational institutions, hospitals, clinics, mosques, 40,000 hotel rooms, a main park, 91 square kilometers of solar power plants and an electric rail link in Cairo, an airport. It will be built as a smart city. Parliament, presidential palaces, 18 ministries, a foreign embassies, and will be built on an area of 700 square kilometers and accommodate 5 to 7 million people.
The city will have its own financial district where the central bank and the stock exchange will move. Commercial and investment banks will be required to relocate their headquarters there as well. The Supreme Court will also move there.
A 35-km green belt covering 5,000 acres (2,100 hectares) will extend through the city center. There will be a zoo, a wildlife park, a fish tank with dolphin viewing area, arboretum and botanical gardens.
The Arab Contractors Company is to build 44 buildings, including 1408 housing units. Concorde Engineering & Contracting is currently building 61 buildings with a total of 1,792 units. Talaat Moustafa Holding Group is executing a total of 69 buildings, comprising 2,096 housing units. Petrojet will build 36 buildings with a total of 1,008 units.
The new city will include nearly 2,000 schools, colleges and over 600 health care facilities.
The new capital and what it offers to young people;
The new city will provide homes for young people with low incomes and high-income brackets in 20 residential neighborhoods,and government officials who have moved there will also benefit from financial support to enable them to buy their homes The government has begun to build 25,000 housing units to date,They say the project will create more than one million jobs.
The ministries will begin moving to the new city in 2018, and their residents are expected to arrive at the same time.
Mohammed Alabbar, the UAE real estate agent who helped develop the Burj Khalifa skyscraper in Dubai, said the big money is being spent on the new city either by the government or by private interests that have allocated land plots to develop it, which is leading the huge Egyptian project About $ 300 billion)
China’s Wealth Development Corporation (CFLD) has agreed to provide $ 20 billion to the city, for the currently unnamed city after a meeting between the company’s president and Egyptian President Abdel Fattah al-Sisi.
This comes after a previous commitment of $ 15 billion from another Chinese state-owned company, bringing the project to nearly $ 45 billion of budget requirements for the first phase
Investment and return;
The Government established a new project supervision company, the “New Administrative Capital for Urban Development”, which is 51 per cent owned by the army and 49 per cent by the new State-owned Urban Communities Authority. For the first phase, its initial capital is between 70 and 80 billion Egyptian pounds (14.6 to 16.6 billion dirhams), which will later increase to 200 billion pounds for the future phases, and the main developer behind the project is the Armed Forces Engineering Corps.
The company will pay a large part of the construction, including the construction of new ministries. In return, it will acquire the property of the ministries’ buildings in Cairo and then either sell them or lease them.
In the case of housing, private and public contractors buy the land owned by the new capital management company and then sell it to future residents, however the new capital is financed.