New Administrative Capital Will Double in Size

Khaled Abbas, chairman of the Administrative Capital for Urban Development (ACUD), revealed plans to double the size of the New Administrative Capital (NAC), located 45 kilometres east of Cairo, in an interview with Reuters. 

The NAC's first phase includes prominent structures such as the longest tower in Africa, an opera house with five halls, the largest cathedral in the Middle East and an electric train connecting the new capital to eastern Cairo. Up to 100,000 housing units have been completed and 1,200 families have already moved in.

The second phase of the project is projected to accommodate 1.5 million residents and cover an area of 40,000 feddans. ACUD plans to appoint a consultant to develop a master plan for the capital's second, third, and fourth phases.

The expansion of the new capital comes with significant costs. The first phase of infrastructure and buildings alone amounted to EGP 500 billion, with estimated costs for the second phase ranging from EGP 250 to 300 billion. To help finance the project, ACUD plans to float 5-10% of its shares on the stock exchange by the end of 2024.