The Egyptian government has begun organizing a forum for major real estate investment companies to offer potential investment opportunities in the new administrative capital.
“The government, represented by the Ministry of Housing, has already begun in preparing a list of major companies that may be interested in participating in the implementation of mega-projects within the new administrative capital scheme, as a prelude to invite the leaders of these companies to meet the Minister of Housing to discuss the possibility of implementation of administrative, service and residential projects in the new capital, which is the second largest government project after the project of the Suez Canal axis,” an official at the Ministry of Housing explained.
The Ministry of Housing will also provide multiple ways to invest in the new administrative capital, one of which will be through joint financing between the government and investors, where the government the land and companies bear the costs of construction and development.
Tourism projects will be discussed in the forum as well as projects like schools and hotels. All potential projects must be implemented in accordance with outlined measures presented by the ministry, where the company providing the highest value gets the land to the start the project right away.
The ministry will only invite major companies, which will ensure that appropriate financial and technical capabilities are available to implement timely and high quality projects. The ministry did not rule out inviting Gulf real estate development companies.
The Ministry of Housing said that the consultative coalition in charge of designing the administrative capital finished the 30 thousand acre general plan,, which is the first phase of the new capital. The total approved land area of the administrative capital is 166.6 thousand acres.