CAIRO: No Egyptian company has come forward to contribute to the new administrative capital, directors of the project have advised President Abdel Fatah al-Sisi, asking him to allow foreign companies into the plan to meet their deadline, the president said Tuesday.
“Egyptians need to exert a great effort and huge work to accomplish their mission in the shortest time possible,” Sisi said during an educational seminar organized by the Armed Forces, underscoring his commitment to achieve the goals of the Egypt Economic Development Summit (EEDS.)
The deadline of inaugurating the new capital was agreed at EEDS to be in five years, but Minister of Housing Mostafa Madbouly clarified later that the initial size is only 105 square kilometers, while the entire size of the capital is 600 square kilometers to be developed over a span of 40 years.
Egyptian businessman Hassan Rateb told Youm7 Tuesday that his company Sama has overall investment of 7 billion EGP in Egypt, adding that studies construction projects of administrative and residential establishment in the new capital.
In March, Egyptian billionaire Nasser Sawiris also said he “eyes investment” in the project.
Regarding the project of reclaiming one million acres, Sisi said it is a difficult goal that will only be launched when prerequisite equipment is available. However, he added the project could expand to two million acres in a year or two.
“We seek a new Egyptian countryside for the next 200 years, which requires much funding and effort,” Sisi said.