Egypt unveils plans to build new $45bn city

15 March 2015 (Last Updated March 15th, 2015 18:30)

The Egyptian Government has announced a plan to invest $45bn in building a new city to the east of Cairo, to address prevailing economic conditions and ease overpopulation over the next 40 years.

The Egyptian Government has announced a plan to invest $45bn in building a new capital to the east of Cairo, to address prevailing economic conditions and ease overpopulation over the next 40 years.

At an investment conference, Egypt Housing Minister Mostafa Madbouly said the project would take five to seven years to complete.

According to developers, the new city would have almost 2,000 schools and colleges and more than 600 healthcare facilities. It will also include an expansive international airport, as well as more than 6,000 miles of new roads.

"The new capital city will address the pressing issue of population density in urban areas of Northern Egypt."

The development is planned to be built across a 700km² area, which will accommodate about five million residents, connect significant shipping routes and create more than one million jobs.

Real estate investment fund Capital City Partners will build the new city, led by Emirati Mohamed Alabbar.

The BBC reported Alabbar as saying: "It is a wonderful opportunity to be able to design something from scratch, and to design it keeping in mind the needs of the Egyptian people and the Egyptian Government."

Advanced design techniques will be deployed by builders for the project, which is expected to shift Egypt's density from Cairo eastward towards the Suez Canal, to reduce current congestion in the city.

Capital City Partners said: "The new capital city will address the pressing issue of population density in urban areas of Northern Egypt.

"It will help to strengthen and diversify the country's economic potential by creating new places to live, work and visit."