Egypt's new administrative and business city, on the outskirts of Cairo, has been revealed by Investment Minister Ashraf Salman during the EEDC in Sharm El Sheikh. Earlier a website revealed that the city will house up to five million residents and be built in the corridor between Cairo and the Red Sea.There will be 1.1m housing units and 1.75m permanent jobs. The website - unveiled on Friday - says that "the masterplan is to create a global city with smart infrastructure for Egypt's future, which will provide a multitude of economic opportunities and offer a distinct quality of life". It will be built over 700 sq km (270 sq miles) - about the size of Singapore. The website says the city's site "is situated along the corridor between Cairo and the Red Sea, providing linkages to significant shipping routes. The city is bound to become a focal point of the Eastern Cairo region". Egyptian government departments, ministries, and foreign embassies, will move to the new metropolis from out of Cairo, whose urban area is home to 18 million people. Economic growth Foreign investment contracted after the 2011 uprising, from $13bn in 2007-2008 to just $2.2bn, and annual economic growth fell from 7% to about 2%. The International Monetary Fund now envisages 3.8% growth for the financial year to July 2015, and 4.3% in 2015-2016. Foreign direct investment was $4bn in the previous financial year, and Investment Minister Ashraf Salman says it be $8bn in this financial year.
