A new capital in Egypt that is set to commence construction is expected to provide over 1.5 million new job opportunities in phase one, a move that is expected to boost job creation in the country.
According to Arab Contractors head Mohsen Salah the construction of phase one which was unveiled by Egypt’s housing minister will so beneficial to the locals as the jobs that will be created will be given directly to the locals.
Salah added that most of the 1.5 million that will be revol around construction will benefit the locals since the law requires that at least 90% of the jobs available in the project is directly given to the locals.The project is being carried out by an Egyptian-Chinese alliance, including Arab Contractors, the Petroleum Projects and Technical Consultations Company, and the China State Construction Engineering Corporation.
Plans to build Egypt’s new capital city were temporarily halted in 2015 after disagreements over the cost of the project and how long it would take.
The UAE company that had been announced as the developer of the project, Capital City Partners, apparently pulled out of the project despite leading its marketing and launch at the Egyptian Economic Development Conference. However, according to Egypt’s government, Egypt cancelled the Memorandum of Understanding with the company after a ‘lack of progress’.
Nevertheless, President Sisi was keen to see the project completed and ordered the government sign a new agreement with China State Construction Engineering Corporation. Following the signing of the agreement, President Sisi announced that the first phase of the project would be completed within just two years.
However, the $US 45 billion project, which is set to be completed within 12 years, is primarily aimed at transferring Ministries, government buildings and foreign embassies from down-town Cairo to the new capital and would be established on the Suez-Cairo-Ain Sokhna road.