Egypt’s construction firm Redcon plans to develop a commercial mall in Midtown Compound in the country’s new administrative capital within 24 months at maximum, managing director said on Monday.
The commercial mall will cost 250 million Egyptian pounds ($15.6 million), Amal Ali Abdel Wahed added.
“We are also executing a giant bundle of works in New Cairo and North Coast in favour of a number of real estate developers,” Abdel Wahed said.
Located 45km (28 miles) east of Cairo over 170,000 feddans, the under construction new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the 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 will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world’s largest.
