During his speech, Madbouly stressed the importance of the CBD project, which started in May 2018. He noted that any mega city requires a central area to serve as a landmark for the new capital, housing corporate headquarters, commercial, and administrative areas.

The CBD includes 20 towers categorized into ten administrative towers with activities spanning offices, commerce, and services and five residential towers with 1,700 fully finished housing units. 

The district also hosts Crescent Towers, comprising four connected towers with mixed activities such as a hotel, public services, entertainment, and commerce, said Minister of Housing and Urban Communities Assem El-Gazzar.

In the last financial year, the Administrative Capital for Urban Development (ACUD), the owner of the project, recorded more than EGP 20 billion in profits, Madbouly said.

He said the figure proves the success of this project. 

The 700-square-kilometre New Administrative Capital, located 60km from Cairo in the area between the Cairo-Suez and Cairo-Ain Sokhna roads, was launched in 2015 to be the new home for government buildings and other administrative facilities of the country and is set to house 6.5 million people.

As many as 50 thousand governmental employees now commute to the governmental district in the new capital every day, the premier pointed out during the event.

He added that this city will become vibrant with hundreds of thousands of residents within 3-4 years.

He also announced that the first residential district dedicated to government employees, with 10,000 units in the Capital Gardens district, has already been completed and delivered. 

Moreover, the first residential district inside the capital, referred to as (R03), has also been sold. The R03 comprises 24,000 residential units, accommodating about 100,000 Egyptian citizens, he noted.

Last week, the ACUD announced it was still in the process of planning the second, third, and fourth phases of the city.

Once the general plan for the new stages is completed, the ACUD will begin construction work immediately, with an anticipated completion date in the second half of 2024, according to Khaled Abbas, the ACUD Chairman.

The ACUD plans to offer up to 10 percent of its shares on the Egyptian Exchange in the first half of 2024. The step aligns with the Egyptian government's broader strategy to offer stakes in 35 state-owned companies to strategic investors throughout 2024.