UAE will be the driving force behind the structure of a new administrative capital for Egypt.
A main part of the project is to be called in honour of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces.
The Dh72 billion city will occupy 700 square kilometres of land to the east of Cairo, approximately 12 times the size of Manhattan, and will lodge seven million people and make 1.5 million employment.
The property transaction was inked at the Egypt The Future economic forum by Mohammed Alabbar, chairman of the Dubai developer Emaar and head of the Capital City Partners fund that will construct the city, and Mustafa Madbuli, Egypt’s minister of housing.
The ceremonial was observed by Sheikh Mohammed bin Rashid, the Prime Minister and Vice President and Ruler of Dubai, and Egypt’s president Abdel Fattah El Sisi.
Sheikh Mohammed after giving a speech, it has been classified by one representative as the best received of the conference.
In other developments at the assembly, Masdar, Abu Dhabi renewable energy company and Saudi Arabia’s ACWA Power signed a conformity with Egypt worth billions of dollars to enlarge renewable energy and natural gas power projects.