Abu Dhabi: The Egyptian government plans to construct the country’s tallest skyscraper at the new capital which will be built on the outskirts east of Cairo, according to Housing Minister Mustafa Madbuli.
The 200-metre tower will be named after the late UAE president Shaikh Zayed Bin Sultan Al Nahyan.
The Crystal Zayed complex, a commercial and entertainment centre, will cover 798 square metres in the Shaikh Zayed community on the road to Ain Al Sokhna.
The plan for the new capital along with a number of other investment deals were announced on Friday as part of the Egypt Economic Development Conference in the Red Sea resort town of Sharm Al Shaikh.
His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Egyptian President Abdul Fattah Al Sissi witnessed the signing of the agreement to build a new capital for Egypt. The first phase would cost $45 billion (about Dh165 billion) and take up to seven years to complete.
The new deals come a day after Gulf countries pledged $12 billion investment with the UAE offering $4 billion.
A number of UAE companies signed deals to boost the Egyptian economy. Abu Dhabi-based KBBO will invest $2 billion in health, money exchange, waste management and renewable energy and Dana Gas said that it will invest $350 million in Egypt over the next 30 months.
Dana Gas expects to receive arrears from the government by the end of 2016, the company’s chief executive Patrick Allman-Ward told Reuters.
Khalifa Fund for Enterprise Development announced the activation of the loan agreement it signed with Egypt last November for a value of $200 million to be invested in the development of microfinance.
In other deals, British oil company BP finalised a $12 billion deal to develop 5 trillion cubic feet of gas resources and 55 million barrels of condensates in the West Nile Delta, and Italy’s oil company Eni signed a heads of agreement for the development of oil and gas resources.
PepsiCo will invest $500 million this year to expand production and Islamic Trade Finance Corporation also signed a $3 billion deal to help Egypt import refined petroleum products.
