Egypt Gas to execute natural gas network in New Capital

CAIRO – 30 January 2018: Egypt Gas company announced on Tuesday that it signed a contract to execute the natural gas network for the first phase of the new administrative capital in cooperation with the Administrative Capital for Urban Development company (ACUD) with a total cost of LE 771 million.

The area will span over 40,000 feddans and the execution is expected to begin in 2018 and end in three years, according to a statement by Egypt Gas sent to the Egyptian Exchange.

Egypt Gas is a shareholding company engaged in the design, installation, operation and maintenance of natural gas distribution networks and pressure reduction stations for domestic, commercial and industrial applications.

The first phase of Egypt’s new administration capital was inaugurated by President Abdel Fatah al-Sisi in October 2017.

Located 45 kilometers east of Cairo, President Sisi announced in 2015 the building of a new city, which he described as a new administrative and financial capital of Egypt.

The New Capital, which is currently being developed by ACUD, is planned to include residential districts, educational institutions, hospitals, 40,000 hotel rooms, a theme park, solar plants and a new international airport.

Land plots in the new capital have already been launched for investors and developers interested in participating in the mega project.

Participating developers include the Arab Contractors Company, Concord for Engineering and Contracting Company and Talaat Moustafa Group Holding Company.