Egypt’s state-owned Administrative Capital for Urban Development (ACUD) is currently studying 6-5 offers from companies to establish residential projects in the yet unnamed new capital, according to Chairman of ACUD Ahmed Zaki Abdeen.
He said on the side line of the company’s meeting with the Federation of Egyptian Industries that the offers are from Gulf and European firms.
Abdeen further noted that these noted that these project will be implemented using partnership system, whereas ACUD would participate with utilised land and the other companies would carry out all the construction works.
Abdeen said that the company is negotiating that ratio for each party will be 50 percent, noting that the company require participating companies to pay a down payment between 50-100 million pounds, according to the size of the company.
President Abdel Fatah al-Sisi has laid the first stone of the New Administrative Capital in East Cairo on July, 14. With an area of 170,000 feddans, the new capital will include 20 residential areas expected to accommodate 6.5 million people and a road network of 650km in length.
The new capital will include an international airport and an electric train to link it with the 10th of Ramadan and El-Salam cities. The city will feature 1,250 mosques and churches, a 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.
The New Administrative Capital is located in the area between the Cairo-Suez and Cairo-Ain Sokhna roads, east of the regional ring road. This is roughly 60km from the cities of Suez and Ain Sokhna.
