New Capital Targets 250,000 Residents Within Three Years
The city’s population is expected to rise from around 30,000 today to 60,000 by the end of 2026.
The New Capital is targeting a permanent population of 250,000 within three years, up from around 30,000 residents today, according to Khaled Abbas, chairman and managing director of the Administrative Capital for Urban Development. Abbas said the population is expected to double to around 60,000 by the end of 2026 as more employees, institutions and residents move into the city.
The Central Bank of Egypt is expected to relocate to the New Capital within the coming months, followed by 18 banks moving in succession. The government completed the relocation of ministerial headquarters in 2023, with the Government District now housing the Cabinet and parliamentary buildings. Abbas said only 10 to 12 developers in the city are currently behind schedule, adding that none have abandoned their projects.
Abbas also said the government pays ACUD around EGP 7 billion annually in rent for its buildings, excluding utilities, while the company has increasingly turned to private-sector partnerships for building management. ACUD reported EGP 133 billion in pre-tax profits over the past decade, around EGP 37 billion in taxes paid and approximately EGP 100 billion distributed to shareholders, with total assets valued at EGP 310 billion.
Land values have also risen sharply since the project began, with prices in parts of the towers district exceeding EGP 70,000 per square metre, compared with EGP 25,000 when first offered. Residential land prices have increased to around EGP 12,000 per square metre from EGP 2,500. The first phase of the New Capital covers around 40,000 feddans, while the city’s long-term planned capacity is approximately 6.5 million residents.
