SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Indian tourist arrivals to Egypt jump 18.8% in H1-2025: ministry data    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



New administrative capital authority to be formed to negotiate with investors: Cabinet
The land of the first phase of the administrative capital is distinctive and will be marketed easily
Published in Daily News Egypt on 30 - 11 - 2015

The cabinet approved a draft decree by President Abdel Fattah Al-Sisi that allocates 190,400 acres for the construction of the new administrative capital to the New Urban Communities Authority (NUCA).
A source at the cabinet that the government approved a price of EGP 100 per sqm for this land, with the aim of accelerating the implementation of the new settlement, east of New Cairo, to relieve overcrowding in Cairo.
The source said the government will form a new authority, under the supervision of the presidency, to manage the administrative capital. The land ownership will be transferred to the NUCA and it will be part of the new entity, as well as other governmental bodies.
The presidency issued frequent follow-up assignments on projects carried out by the NUCA, especially the administrative capital and the new El-Alamein City.
Sources also said the authority will negotiate with investors and present projects for partnerships, where the state will contribute through the land value.
The sources added that the Mohammed bin Zayed road, which links the capital with New Cairo, will be completed soon, noting that companies will be invited to view the projects included in the new administrative capital after the pricing scheme is identified according to the type of use.
"The selling value of the land is high and will contribute to finance NUCA's investments in the project over the coming fiscal year," the source said.
The NUCA had formed pricing committees to specify the value of lands of the first phase that totals about 10,500 acres, and will be presented to real estate companies for partnerships between the authority and investors.
The Ministry of Housing had also announced a conference featuring real estate investment and construction companies to view the administrative capital and new El-Alamein City projects in October. However the conference was postponed.
The first phase of the administrative capital includes a governmental district with ministries, while another district will be established for businesses. A shopping mall will be established, as well as the initial phase of the international medical city, a fair zone city, and thousands of residential units, in addition to a central park.
The sources said the land of the first phase of the capital is an extension of New Cairo, and represents a great investment opportunity for companies. The authority is confident it will be able to market it, whether by selling or partnership with developers.
The government signed a memorandum of understanding (MoU) with China State Construction Engineering Corporation (CSCEC) to construct part of the new administrative capital with Egyptian companies.
Minister of HousingMoustafa Madbouly said company representatives expressed readiness to accept various methods of financing, including external financing, partnership with the government in the implementation, or providing financing as a loan for the Egyptian government.
The housing ministry received an offer from a foreign company working in the field of shopping malls construction to contribute to the establishment of the new administrative capital's shopping mall.
The ministry also received an offer from another foreign company to establish an international medical centre as part of the first phase in the medical city of the new administrative capital.
Madbouly had signed a contract with chairman of Capital City company Mohamed Alabbar during the Economic Summit in Sharm El-Sheikh to implement the first phase of the administrative capital with investments worth $45bn, where total costs of the capital will range between $75bn and $80bn. However, negotiations concluded without the signing of a final contract for the project.


Clic here to read the story from its source.