Egypt to get a new US$80b city
Eagle Hill is planning to invest US$80 billion in the construction of a new city near Cairo, in Egypt, a city that will become the new country’s capital. The new city,
meant for low- and middle-income earners, will comprise an airport, mall, hotels and amenities such as schools and hospitals, as well as providing homes to low- and middle-income buyers.
According to the Egyptian minister of investment Ashraf Salman, the new city will be funded by the private developer and international partners.
Once the town is built, it will serve as the new capital of Egypt and government services will relocate to it within twelve years. The city has not yet been named and is set to be built near Suez Canal.
Eagle Hills is based in Abu Dhabi and is a global developer of real estate assets.