Cabinet to approve land for new residential city at US$2 bn cost

Cabinet to approve land for new residential city at US$2 bn cost

On

Tue, 08/01/2013 - 18:44

A residential city will be established 46 km west of the Cairo-Alexandria Desert Road after the Cabinet approves the use of agricultural land for urban development, the investment minister said Tuesday.

Minister Osama Saleh said in a statement that state bodies are preparing to establish the city, which will be built once the government green-lights the use of 400 out of 573 total feddans of land owned by the Abouel Fotouh Company for Tourism and Agricultural Development.

The project’s total cost is estimated at LE13 billion (around US$2 billion), of which the Abouel Fotouh Company will pay LE1.5 million per feddan, contributing LE600 million (around $95.2 million) to the project budget. The company is owned by Egyptian investor Hossam Abouel Fotouh.

The city expects to have 100,000 apartment units with complete facilities at prices suitable for low-income individuals and families, and create 25,000 new jobs.