Authorities of Egypt want to build new capital

Nearly 65.33 billions dollars are to be given for the city project – private investors will cover the necessary amount. The project is to be developed by experts from United Arabian Emirates. It is reported by «The National».

Minister of investment of Egypt Ashraf Salman has told that project is to be encouraged at the conference, which is taking place in March in Sharm el-Sheikh: «We are talking to a master developer. A signature will take place by the conference, and after that the construction will begin». However, name of the master is not specified yet. Organizers expect that building of the new capital will have been lasting for twelve years and it will be located at 283 square meters.

For example, Cairo - the current capital of country – covers 582 square meters. As minister tells, now there is only working name of the city – «New Cairo»; however, later, the new one will be created. «It is a whole city, with shops, retail, new industrial areas, new commercial areas, the government buildings and cities, residential areas», - Salman tells. The Egyptian government will move to the new capital.

It should be mentioned that they have been speaking about new capital of Egypt for a long time. In 2007, the head of Consultative Council Safuat ash-Sherif claimed that there is a strong necessity of new city building, where all the executive authorities and two-chamber parliament are to be located.