CAIRO: Egyptian business tycoon and Chairman of Orascom Construction Industries Nassef Sawiris, is considering participation in the projects of the new administrative capital city, he told Youm7 Sunday.
On Saturday, Egypt’s Housing Minister Mostafa Madbouly signed an agreement with the UAE government to establish a new administrative capital city “Cairo Capital” halfway between Cairo and the Suez Canal area.
The deal was signed on sidelines of the three-day investment conference Egypt Economic Development Conference (EEDC), held in the Red Sea resort of Sharm-el-Sheikh.
Madbouly 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.
In an interview with Youm7 on the sideline of the conference, Sawiris, who is ranked first among Egyptian billionaires by Forbes with a wealth of $5.6 billion, said his company will invest $3 billion along with the UAE’s International Petroleum Investment Company (IPIC) to construct the first coal-run power plant in Egypt.
The Egyptian-Emirati power plant will be implemented in the Delta governorate of Kafr el-Sheikh with a 2,000 megawatt production capacity, added Sawiris.
He affirmed that the project “It comes with the aim of bolstering Egypt’s electricity sector and reducing the gap between production and consumption.”
The project is scheduled to be completed in 36 months.
Additional reporting by Ahmed Yacoub