Investors and consultants are needed for Egypt’s new capital

Egypt’s new purpose-built capital city is taking shape and Khaled Abbas, chairman and CEO, Administrative Capital for Urban Development, spoke to Real Asset Insight’s Richard Betts about the project which began six years ago.

“We have four phases and 70% of phase 1, 40,000 acres, is finished. The government moved in and is now working from the new capital and now we’re targeting another 40,000 acres for phase two,” Abbas said.

Both investors and consultants are being sought for future phases. “From day one, we are green, smart and sustainable, so we are always looking for the best technology and what’s new in sustainability,” he explained.

Among the sustainability initiatives that the project includes is the first zero-carbon tower in the world; 30% of the electricity used in the government district is from solar panels; and the development uses smart infrastructure to reduce the waste of resources. “We have a joint venture with a company from the UAE which will recycle 100% of solid waste, 70% will be recycled and 30% will provide electricity.”

The second phase of the project will provide 2,000 acres of industrial development. “We’re looking at clean Industries and we are only 40 km from the ports, so it’s easy to import raw materials or export products.”

However, the city is a mixture of uses and as well as housing will include supporting uses such as commercial offices and hospitality. “It’s a complete city,” Abbas said.