Egypt plans to build a new administrative capital east of Cairo within five to seven years at a cost of $45 billion, its housing minister said at an international investment conference in Sharm El-Sheikh on Friday.
Mostafa Madbouli said the goal included creating 1.1 million housing units, announcing the project at the Egypt Economic Development Conference. "We are talking about a world capital," he said.
The new capital, planned to be the size of Singapore, will house government buildings, diplomatic missions and residential units in the area between Cairo, Suez City and Ain Sokhna, Madbouli said.
Egypt plans to build a new administrative capital east of Cairo within five to seven years at a cost of $45 billion, its housing minister said at an international investment conference in Sharm El-Sheikh on Friday.
Madbouli said he expected the population of greater Cairo, currently estimated at about 20 million, to double within 40 years.
The project will include an airport and 90 sq km (35 sq miles) of solar power fields, which Madbouli said was part of a sustainable strategy.
He did not say how the venture would affect Cairo, one of the busiest and oldest cities in the world.
