New Mansoura Authority Deputy Chairman Yasser Kahla said that the first phase of the new city is expected to see investments worth EGP 45 bn, with expectations to be implemented within three years, Invest-Gate reports.

The new city is 54 kilometers away from Mansoura in Dakahlia Governorate, Kahla noted during a media tour in New Mansoura.

Arab Contractors will carry out EGP 10 bn worth of infrastructure and residential projects in the coastal city, which will take around three years to complete.

He added that New Mansoura will have a two-kilometer-long marina, as well as facilities and a promenade with 15 kilometers in length.

The marina is expected to be opened within two-three years, with a capacity of 1,000 yachts, Kahla noted.

Spanning across 7,000 acres, the city will be developed over four phases, with the first phase to be established on a total area of  2,063 acres and will encompass 1,200 villas and 25,000 social housing units catering to different social classes.

The new city saw the implementation of facilities and residential projects worth EGP 5 bn so far, including 11,000 units in JANNA project and 4,500 units in Sakan Misr with completion rates reaching 40% and 80%, respectively,” Kahla noted, adding that “construction works started on 11 residential towers, with each tower costing around EGP 1.5 bn.”