The government has approved offering lands for various activities to investors in the New Administrative Capital, according to Kamel Al Wazir, head of the Armed Forces Engineering Authority, Al Mal News reported.

Al Wazir further noted that there has been positive progression in the construction of basic facilities, infrastructure, and road networks, affirming that the area will not only be exclusively dedicated to investment, but also aims to provide middle-income housing.

Although no contractor or real estate company has applied for ownership over land within the city, the first land plot is expected to be sold within the upcoming period in the New Administrative Capital.

The China Fortune Land Development Company (CFLD) was recently announced as a major investor in the new capital, whereby it will inject approximately $20 billion following a deal signed with President Abdel Fattah Al Sisi.

Another investment worth $15 billion was previously pumped into the project for its first phase, also by a Chinese company.