A new company, Administrative Capital City for Urban Development, was founded to manage the proposed administrative capital city project, reported Invest Gate.

The newly established company held its first Constituent Assembly meeting on May 8 The assembly chose Ayman Ismail as the non-executive director of the board. The Board of Directors has 13 members: three members representing the New Urban Communities Authority, six experienced members, and four representatives of the Armed Forces.

“The new administrative capital project is one of the major national projects, and it is expected that the new capital will achieve a significant economic return, without incurring the state budget any burden,” said Moustafa Madbouly, Egypt’s Minister of Housing.

“One of the reasons and objectives for establishing a company for the project is to maximize the advantages and benefits of the project in all its detail,” Madbouly added.

The company’s capital is EGP 6 billion, which is split between the Armed Forces and the New Urban Communities Authority.

The New Administrative Capital will be located 45 kilometers east of Cairo, and sprawl across an area of 685 kilometers.

The New Administrative Capital was one of the most important national projects announced during the convening of Egypt’s economic summit in March 2015 in Sharm El-Sheikh.