CAIRO: Housing Minister Mostafa Madbouly signed an agreement with the UAE government Saturday to establish a new administrative capital city halfway between Cairo and the Suez Canal area, Youm7 reported.
The agreement was signed in presence of President Abdel Fatah al-Sisi and Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE.
“The new capital is planned expand to 700 square kilometers in size and to house at least 5 million people. The first phase of the project involves the expansion of the current capital eastwards by adding an area of 105 square kilometers to house governmental buildings, embassies, universities with 9,000 kilometers of roads and over one million residential units” said Madbouly during the opening of the three-day Egypt Economic Development Conference (EEDC) kicked off Friday in the Red Sea resort of Sharm-el-Sheikh.
He noted that the project will be accomplished within five to seven years with a total cost estimated at $ 45 billion and that it “aims mainly to alleviate congestion, urban crowding and overpopulation in Cairo,” currently home to over 23 million people.