A model of a planned new capital for Egypt is displayed for investors during the final day of Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh, in the South Sinai governorate, south of Cairo, March 15, 2015 (Photo: Reuters)
Egypt will launch the planned new administrative capital project and the new north coast city project during an international conference at the end of October, state-owned news agency MENA quoted Housing Minister Moustafa Madbouly as saying.
The government will present the plans for both projects in front of domestic and international real estate developers and offer investments in the first phase of both new cities, Madbouly said in an economic conference held on Wednesday.
The government is aiming to complete the first phase of the administrative capital on 10,500 feddans from 170,000 feddans in a period of two years, Madbouly added.
The ambitious mega-project was originally estimated to cost $45 billion when first presented during the March economic conference in Sharm El-Sheikh and an initial agreement was signed with Mohammed Al-Abaar of Capital City Partners to lead developments.
Though because the talks stalled, Egypt signed an agreement with China State Construction Engineering Corporation to study the building and financing of the administrative area in the new city where all the ministries would be moved.
Madbouly emphasised on Wednesday that the plans for the new city include affordable housing and housing for the youth from the initial stage.
The first phase of the new Alamein city on the western side of the north coast will also be presented in the conference for development on an area of eight feddans from a total of 49 feddans.
The new Alamein corniche will stretch for 15 km and will be open to the public Madbouly noted, to assure a change from the previous developmental approaches for the north coast that were almost entirely exclusive for private housing and luxury villas.
Egypt seeks to extend its urban areas to accommodate for an estimated doubling in its population size in the next 40 years to 160 million, Madbouly was quoted by MENA as saying.
Development plans seek to create urban areas in the new capital, new Alamein, around the new Suez Canal industrial zone, in the areas where 1.5 million feddans are projected to be reclaimed, close to the planned mining area called the 'Golden Triangle' in Upper Egypt and in the south of Egypt in Halayeb and Shalateen.
Egypt's president hopes to curb unemployment and boost an economy battered for years by political upheaval through partnerships with the private sector on the planned mega-projects along with the ongoing fiscal reform programme.