Cairo: In Egypt’s eastern desert, roads are being carved across vast expanses of sand where the government is building a new administrative capital, a long-cherished project that has failed in the past.
The city will be complete with luxury hotels, upscale residential districts, a modern airport and a 345-metre tower, touted as Africa’s tallest.
The work is being carried out about 45 kilometres east of Cairo, between roads connecting the metropolis to the canal city of Suez and the Red Sea resort town of Ain Sokhna.
Workers are building a district to house a new presidential palace, parliament, 32 ministries and foreign embassies.
The project, seen as expensive and not a priority for Egyptians, has been hard to sell, especially given past failures.
President Abdul Fattah Al Sissi in 2015 announced the project to build a new capital, expected to cost some $45 billion (Dh165 billion) and to be completed by 2022, according to the authorities.
The cost has angered many in a country with a crisis-hit economy.
The first phase of construction was officially launched in October, with the new capital aiming to expand to 170 square kilometres and house more than six million people.
For the authorities, the project is a necessity due to Cairo’s gradual decay and congestion.
With its 18 million inhabitants and constant traffic gridlock, Greater Cairo is expected to see its population bulge to 40 million by 2050, according to official figures.
Foreign investment in Egyptian securities rises to $19b
Cairo: Foreign investment in Egyptian securities hit $19 billion (Dh69 billion) as of December 6 since the flotation of the pound currency in November 2016, Finance Minister Amr Al Garhy said.
Egypt floated the pound as part of a $12 billion International Monetary Fund loan aimed at reviving its economy which has struggled since a 2011 uprising.
The central bank since November 2016 has raised key interest rates by 700 basis points, generating appetite for Egypt’s debt. — Reuters
