The Egyptian government’s share in the new administrative capital project will be 24 percent, the minister of housing and urban communities said on Sunday.
Mostafa Madbouly told newspaper editors that Egypt negotiated with the United Arab Emirates, in charge of developing the project, to increase Egypt's share from 15–20 percent to 24 percent. He said Egypt's share exceeds the maximum allowed for any country when it contributes only land to a project.
Madbouly said the UAE will also develop electricity stations and gas pipeline networks in the project. It will also undertake developing the housing units, though the labour force will be Egyptian, the minister said.
He also explained that 105 square kilometers of the total 700 square kilometres were allotted for the construction of the new city. He said the rest will be completed in stages over 40 years.
Meanwhile, Madbouly said he expects to "empty" Cairo over 3 -5 years starting with the headquarters of ministries and then other government departments. Parliament will also be moved out, according to the plan.
Egypt unveiled plans for what it presented as a new administrative capital at an economic development conference earlier this month, which was attended by 2,000 delegates from 112 nations, including heads of state, top multinational company executives and directors from the World Bank and the International Monetary Fund.
The city will be built east of Cairo, between Cairo and the planned Suez Canal hub north west of the Gulf of Suez.
It will include 1.1 million residential units to house five million inhabitants, as well as an administrative district on 1,000 acres of land, with a presidential palace, ministries, government bodies, and embassies, as well as a financial district, according to the plan.
The total cost of the project is estimated at $45 billion, and is expected to be completed in five to seven years, according to Madbouly.
In its economic development conference Egypt signed deals worth a total of $60 billion, including $18.6 billion for engineering, procurement and construction (EPC) contracts. It also received $12.5 billion in aid and investments from Gulf countries.