Egypt’s housing minister signs US$834 million business park agreement

Egypt’s housing minister Asem al-Gazzar and several Chinese Banks signed an agreement worth US$834 million in Beijing on Monday to establish a central business park in the New Administrative Capital.

Gazzar stated that the park would include seven skyscrapers, including two administrative towers and five residential towers at a height of 206 meters on a building area of 600,000 square meters.

The companies are also finishing up foundational works for the other towers as well the owner’s permanent offices.

Starting in 2020, the Egyptian government plans to relocate 51,000 state administration employees from 31 ministries and sectors to the New Administrative Capital’s governmental district.

Construction of the Administrative Capital is on top of the priorities of the government’s sustainable development plan 2030.

Egypt’s government launched the project of the Administrative Capital east of Cairo at the cost of $45 billion, in March 2015.

It is expected to be built over seven years.

The infrastructure for the first stage of the New Administrative Capital costs LE 130 billion and will be completed by mid-2019, after which government ministries will be relocated there. The third batch of housing units will also be completed by 2019.

The government sector will include 36 buildings. One will be for the parliament, one for the cabinet and 34 for different ministries.

The first stage will cost LE 30 billion, excluding infrastructure.

Edited translation from Al-Masry Al-Youm

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