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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
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.
