New Administrative Capital Cairo
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On February 19th, Cairo time, Prime Minister Mostafa Madbouly visited the New Capital CBD project, accompanied by Housing Minister Sherif El-Sherbiny, Deputy Minister Ahmed Abdel Razek, and other officials. ✨🏝

During the visit, Dr. Madbouly and the delegation toured the residential tower D03, explored the model apartment units on the 43rd floor. They also inspected the CUC Energy Center and the model serviced apartments on the 47th floor of the Iconic Tower. The Prime Minister praised the project's progress and high-quality execution!

Source: https://www.linkedin.com/posts/china-state-construction-engineering-company-egypt_cscec-cbd-egypt-activity-7300889438224572417-xiK5/

Amazing New Administrative Capital, Cairo

It's inspiring to witness the remarkable progress at the Central Business District, including the Iconic Tower and Crescent Tower.

Source: https://www.linkedin.com/posts/raakeshpatnnaiksecure_cbdcairo-ironmongery-doorhardware-activity-7267226777972875265-ZAG6?utm_source=share&utm_medium=member_desktop&rcm=ACoAAAB6DHsBsgu64x-WrdiBOoYM2GEXkUcAt_w

Source: https://www.youtube.com/shorts/nfxPfaYvjX0

A really good overview of the project

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:

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: