Egypt signs off on new capital
Egypt has signed off on a new administrative and business capital, according to Emirates 247.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Egyptian President Abdul Fattah El Sisi attended the signing of an agreement to build the monster capital for Egypt.
The signing ceremony took place on the sidelines of Egypt Economic Development Conference in Sharm El Sheikh, Egypt.
According to Emirates 247, the new capital is to be built at Ain Al Sokhna road, with a hefty price-tag of 150 billion Egyptian pounds.
A whopping seven million residents will populate the hotspot, set to spread out over 700 square kilometres, east of the country’s actual capital, Cairo.
The deal was signed by Mohammed Ali Alabbar, Chairman of Emaar, who is investing in the project, and, from the Egyptian side, by Dr. Mostafa Madbouly, Minister Ministry of Housing, Utilities and Urban Development.
Sheikh Mohammed and President El Sisi were briefed about the huge aspects of the design, which, according to Emirates 247, will use more than 35 specialised Egyptian construction companies to bring the project to life.
The new capital will host ministries, official institutions and embassies, headquarters for companies and private sector firms.
It will also include resorts and modern shopping centres, as well as large residential neighbourhoods.
The colossal construction will occur between Cairo and Suez Canal, with links to both, and, according to Emirates 247, will be named after Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
Sheikh Mohammed bin Rashid and the Egyptian president described the project as “a true reflection of the depth of fraternal ties between the UAE and Egypt’s leadership, its government and people.”
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