New Capital's Business District to include 20 towers

CAIRO – 18 March 2018: Prime Minster Sherif Ismail laid the foundation stone of the Business District in the New Administrative Capital.

A number of people participated in the launch, including: the Minister of Housing, Utilities and Urban Communities, Mustafa Madboli; Major Chairman of the New Administrative Capital Company, Ahmed Zaki Abdeen; the Chinese ambassador to Cairo; and officials from the China State Construction Engineering Corporation (CSCEC).



Ismail said that this project includes the construction of 20 towers, stressing that the project is a great civilization shift that will provide thousands of job opportunities.

The investment for this project totals around $3 billion, financed by Chinese loans. The New Urban Communities Authority will repay 15 percent of it as a deposit, while the remaining percentage will be repaid over 10 years after the project’s construction, Minister of Housing Madboli said.

Madboli added that the total area of the project is 1.71 million square meters, located on an area of 195 feddans.

He clarified that the project will include the tallest building in Africa, which will be up to 385 meters high.