President Abdel Fattah El Sisi inaugurated the first phase of the newadministrative capital yesterday. In his speech, El Sisi addressed naysayers, telling the audience that the project would prove that sustainable urban development in the form of new cities would be key to Egypt’s bid to cope with its growing population. Housing Minister Moustafa Madbouly, Planning Minister Hala El Saeed and other cabinet ministers also attended.

Chinese company to develop business district in the new capital: Following the speech, China State Construction Engineering Company (CSCEC) signed a contract with the Housing Ministry to develop the district of the new capital. CSCEC joins compatriots China Fortune Land Development Company and the Metallurgical Corporation of China, which were among the top developer of phase one of the new capital. The contract size with CSCEC was not disclosed.

Housing Minister Moustafa Madbouly also spoke on the development of the new capital and its first phase. Key highlights from the project included:

• The first phase development will cost EGP 17 bn;
• The city is expected to become home to some 6.5 mn residents;.
• The first phase will include 17,000 homes.

You can catch the full inauguration ceremony here (watch, runtime: 2:31:52).