$8B investments in first phase of New Capital

CAIRO – 26 July 2017: Investments in the first phase of the New Administrative Capital reached $8 billion creating two million job opportunities. That phase is stretching on 12,500 feddans (1 feddan = 1,025 acres) with a capacity of 1.5 million dwellers.

These figures were announced by Minister of Housing, Utilities, and Urban Development Mostafa Madbouly on Wednesday.

Currently, the ministry is building 25,000 residential units which would accommodate 125,000 residents in addition to infrastructure projects in collaboration with other ministries.

These include 96 km of roads, 80 km of water supply systems, 300 km of wastewater sanitation and raindrainage systems, and 170 km of irrigation systems.

These projects are being executed by 17 constructions companies creating 85,000 job opportunities.

The new capital contains 20 neighborhoods, of which eight residential neighborhoods in the first phase.

Constructions of the residential area R3 has begun on a distance of 1,000 feddans with surrounding eight residential areas including apartment blocks, villas, town houses, and administrative and commercial areas.

The cost of all housing projects in the new capital is $15 billion.