TMG, Binladin, Sodic to participate in Cairo Capital
Egypt’s Highest Tower To Debut At March Summit - Photo Courtesy Of Ministry Of Housing

CAIRO: The Talaat Moustafa Group is among those companies approved to participate in the new administrative capital, Youm7 reported Thursday.

The Saudi Binladin Group and Sodic companies are also to participate in the project, sources told Youm7.

President Abdel Fatah al-Sisi is to announce Aug. 6 the commencement of implementing the new administrative capital during the inauguration ceremony of the New Suez Canal, the construction of which is slated to be completed in July.

On July 13, Minister of Housing Mostafa Madbouly announced that the government had allocated 5 billion EGP ($638.8 million) for the Administrative Capital project in its new budget, Youm7 reported.

The minister also said more than five Arab and Egyptiancompanies have submitted requests to contribute to the project.

He added that negotiations are ongoing with a United Arab Emirates company and facilities are being connected to the first stage of the project.

On March 14, 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 during the Egypt Economic Development Conference (EEDC), held in the Red Sea resort of Sharm-el-Sheikh in March.

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