Back to the complete issue
Thursday, 12 October 2017

President El Sisi inaugurates the first phase development of the new capital

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).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2018 Enterprise Ventures LLC.