New Administrative Capital Cairo
Views: 1,424 Subscribe

New Administrative Capital Cairo: Cultural Marvel in Progress

President Abdel Fatah al-Sisi's recent meeting on September 17, 2023, showcased the advancing Arts and Culture City within the New Administrative Capital, positioning it as a global hub for Egyptian artistic brilliance.

City Highlights:
Located 45km east of Cairo, the New Administrative Capital integrates ministries, residential areas, a diplomatic quarter, and cultural gems like a rare books library, arts museum, and opera house.

Financial Developments:
Egypt plans to float 5-10% of ACUD shares on the stock exchange by Q2 2024, signaling a strategic move for economic growth.

Investment Insights:
While the exact share value remains undisclosed, Chairman Khaled Abbas is navigating the intricate financial landscape, considering the project's estimated $58 billion financing needs.

Construction Update:
Initiated in 2015, the capital's construction, though delayed, is gaining momentum. Key government functions have relocated, with the parliament set to follow by October.

Sources: https://www.egypttoday.com/Article/1/127018/Egyptian-president-instructs-hiring-global-expertise-to-operate-Arts-and
https://www.arabnews.com/node/2376441/amp
https://www.reuters.com/markets/deals/head-egypts-new-capital-sees-ipo-first-half-2024-2023-09-18/

Originally, there was a plan to transfer parliament, presidential palaces, government ministries, and foreign embassies to the new city between 2020 and 2022. However, due to construction delays and the impact of COVID-19, the relocation of more than 30,000 government employees was postponed to March 2023. As of May 5, 2023, 14 ministries and government entities have already made the move to the New Administrative Capital.

Construction updates:





https://www.youtube.com/watch?v=D5jhFSr2LmE

The new administrative capital just outside Cairo encompasses Africa’s tallest building, a crystal pyramid and a vast, disc-shaped palace for Mr. el-Sisi inspired by the symbols for an ancient Egyptian sun god. Six years in the making at an estimated cost of $59 billion, it is the grandest in a slew of megaprojects being built by a president determined to reshape Egypt.

https://www.nytimes.com/2022/10/08/world/middleeast/egypt-new-administrative-capital.html

A Look at Egypt’s $58 Billion New Capital City in the Middle of the Desert:









https://www.youtube.com/watch?v=COt-f-NUc2w

The New Administrative Capital (NAC) is a new urban community in Cairo Governorate, Egypt and a satellite of Cairo City. It is planned to be Egypt's new capital and has been under construction since 2015. It was announced by the then Egyptian housing minister Mostafa Madbouly at the Egypt Economic Development Conference on 13 March 2015. The capital city is considered one of the projects for economic development, and is part of a larger initiative called Egypt Vision 2030.[5]

The city is planned to consist of a government administrative district, a diplomatic quarter, a cultural district (opera and theatres), a central business district (CBD), parks (the 'green river'), and 21 residential districts. The NAC is planned to be built in stages across the space of 170,000 feddans (714 km2/ 270 sq mi) with Phase 1 (2016 — ), covering over 40,000 feddans - less than a quarter of the land allocated for the city.

The New Administrative Capital is located on the border of Badr city between Cairo/Suez and Cairo/Al Ain Sokhna roads, just after New Cairo, Future City, and Madinaty.

https://en.wikipedia.org/wiki/New_Administrative_Capital
https://www.propertyfinder.eg/blog/en/the-new-capital-city-of-egypt/

Status: Under Construction