Eagle Hill is planning to invest US$80 billion in the construction of a new city near Cairo, in Egypt, a city that will become the new country’s capital.
The new city is meant for the low and middle income earners and will comprise of an airport, mall, hotels and amenities such as schools and hospitals, as well as provide homes to low and middle-income buyers.
According to the Egyptian minister of investment Mr. Ashraf Salman, the new city will be funded by private developer and international partners.
Once the town is built, it will serve as the new capital of Egypt and the government services will relocate to it within twelve years. The city has not been named yet and is set to be built near Suez Canal.
Eagle Hills is based in Abu Dhabi and is a global developer of real estate assets.