Egypt’s Redcon Construction plans to start handing over a building for ministries at the governmental district in the state’s New Administrative Capital within July 2018, its chief executive Hossam Nassar said Sunday.
“There are talks to carry out a number of other major works in the new capital’s residential and governmental (ministerial) districts within the upcoming period,” Nassar further added.
In addition, the official said his company seeks to sign contracts up to four billion Egyptian pounds and five billion Egyptian pounds ($223.9 million-$279.9 million, respectively) before the end of this year.
This comes as part of Redcon’s scheme to expand and double its business volume in the local market, Nassar referred.
“The company nears to execute a new residential project in Cairo, in favour of one of the real estate developers,” Nassar clarified.
Located 40km (24.8 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s scheme to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It is to feature 1,250 mosques and churches as well as 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
