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$58 billion
- The city, which already holds Africa's tallest building, is expected to cost $58 billion to build.
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Oct 8, 2022 · 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. Eight-lane highways swoop...
Mar 20, 2024 · Thirty miles from Cairo, a new city is being developed, home to Africa’s tallest tower and the Middle East’s biggest cathedral. Critics question whether the money would be better spent elsewhere.
May 4, 2024 · In an attempt to tackle overcrowding in Cairo, Egypt's government decided to build a new capital. The city, which already holds Africa's tallest building, is expected to cost $58 billion to...
- Henry Blodget
Jan 4, 2024 · CAIRO, Jan 4 (Reuters) - Egypt is preparing to spend billions doubling the size of a lavish new capital it is building in the desert 45 km (28 miles) east of Cairo, where the first...
- A Look to The Future
- Money Well Spent?
- Progress
- Smart Technology to The Fore
- Financial and Other Challenges
- Will It Be A Success?
One key driver behind the initiative is the country's rapid population growth. A new baby is born in Egypt – the most populous country in the Middle East – every 15 seconds, which translates to about two million new people a year. Cairo is already a congested, polluted, and overcrowded city that is predicted to double in size by 2050 to 40 million ...
Projected costs for the new capital range between $45bn and $58bn. While the initiative has its supporters, others have questioned the expense, given some of the financial challenges – such as rapid inflation, unemployment, a downturn in tourism, "shoddy infrastructure" and "modest" job creation – that the country has faced in recent years. Althoug...
Despite these misgivings, development is rapidly moving ahead. The first government ministries are intended to relocate to the new capital in mid-2020, and a flurry of contracts have recently been signed for everything from a new $834m business park to a city-wide digital security system, and Honeywell installing over 6,000 wireless camerasacross t...
A website for the project promisesthat "the new capital is developed with the strategic vision for a smart city integrating its smart infrastructure to provide many services to citizens". This vision includes: smart monitoring of traffic congestion and accidents, smart utilities to reduce consumption and cost, smart buildings and energy management ...
Although plans are progressing, there have been some bumps in the road. Reuters reported last yearthat the "project is struggling to raise funds and needs to overcome other challenges after investors pulled out". "We need very extensive financing," it quoted Ahmed Zaki Abdeen – a retired general who heads the company building the new city – as sayi...
Cairo's continued expansion is clearly unsustainable. The city faces many problems, including being named the most polluted city in the world. However, whether creating a new capital city is the best solution to this problem is a moot point. The Economist, for example, described the move as "an elephant in the desert",noting that although the new c...
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Aug 30, 2023 · First announced in 2015, Egypt’s new, as-yet-unnamed capital city has been under construction for years, at an estimated cost of more than $50 billion. Temporarily referred to as the New...
It is expected to cost over US$100 million to move the government from Cairo to NAC but a full cost and timeline for the overall project has not yet been revealed. [19] [26]
