UAE firm to spearhead Egypt’s USD45b new Cairo project

17 Mar 2015

(MENAFN) A private UAE real estate investment fund company is set to lead the development of Egypt’s new USD45 billion capital projects, in which a tower similar to the Eiffel Tower in Paris is included, Arabian Business reported.

The Capital Cairo project will be supervised by the Egyptian Ministry of Housing, and will be developed by Capital City Partners, a private fund of global investors, including the UAE.

The new Cairo, planned to be the size of Singapore, will house government buildings, diplomatic missions and residential units in the area between Cairo, Suez City and Ain Sokhna, according to Egypt’s housing minister.

When completed, Capital Cairo will be home to five million people, and will include an airport nearly 1.3 times the size of Heathrow Airport in London, and 90 square km of solar power fields.

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