Egypt has agreed to start work on its new capital city within the next 50 days with Capital City Partners, the private real estate investment fund in charge of developing the project, said Minister of Investment Ashraf Salman.
The MOU signed between Egypt and the company on Saturday at Egypt's Econonomic Development Conference stipulates that a final agreement must be concluded between the parties within a period of 50 days, said Salman in a televised interview on Sunday night.
One of the conditions on which President Abdel Fattah El-Sisi insisted for the deal was that the work would start on the ground the very next day after the signing of the final deal, Salman told talk show host Lamees El-Hadidy on Egyptian private sattelite channel CBC.
Egypt unveiled plans of what it presented as a new administrative capital at the conference this weekend, 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 on an area of 700 square kilometres 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 5 million inhabitants, as well as an administrative district on 1000 acres of land, with a presidential palace, ministries, government bodies, and embassies, as well as a financial district.
The total cost of the project is estimated at $45 billion, and is expected to be completed in 5 to 7 years, according to Egyptian Housing Minister Mostafa Madbouly.