Egyptian official discloses number of citizens living in New Capital

CAIRO – 24 June 2024: Chairman of the New Administrative Capital Company Khaled Abbas told Monday the Middle East News Agency (MENA) that 1,000 families are currently living in the city, and that there is a goal to up the number to 7,000 – 8,000 by the end of the year.

Abbas added that there is a target for one million citizens to live in the New Capital within the coming three years. Highlighting other key figures, the official stated that 18 banks (out of 38) had set up headquarters in the business park along with those of the Central Bank of Egypt (CBE) and the Egyptian Exchange.

Further, five international universities have begun operation; and, as part of its social responsibility activities, the company granted 80 students from Upper Egyptian governorates scholarships at those establishments.

Prime Minister Mostafa Madbouli attended in January the ceremony held to celebrate the delivery of the first three towers - out of 20 - at the New Administrative Capital’s Central Business District (CBD) and that are built in cooperation with China State Construction Engineering (CSCE).

The prime minister stated that 24,000 residential units had been sold in the New Administrative Capital. On another level, LE0.5 trillion were spent on alternative-housing units distributed among former slum dwellers, and residential units targeted at low-income citizens, Madbouli added.

The CBD also houses the "Iconic Tower," which is the tallest building in Africa given that its height amounts to 385 meters. The building will consist of offices, residential units, and a hotel, which occupies the highest 30 floors.