Construction of the governmental neighborhood at the New Administrative Capital (NAC) in Egypt is 90% complete; this is according to NAC spokesperson Khaled al-Husseiny. The ministries, parliament, and governmental agencies are moving to the New Capital by 30th June transferring 40,000 employees who are granted residencies in Badr City lying few kilometers from their work location.
Husseiny further added that the project has raised the value of land around the project. The price of a square meter jumped from LE50 to LE50,000 in some areas of the New Capital.
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In late September last year, Egypt launched its first ministerial headquarters in the New Administrative Capital project, in preparation for the transfer of the most prominent government headquarters in Cairo to the new location in the coming months. The headquarters of the Ministry of Finance has been furnished and equipped as a model for the rest of the ministries.
New Administrative Capital (NAC)
Egypt’s new administrative capital is located 45km east of Cairo on the way to the port City of Suez. The project is supposed to offer thousands of jobs and stimulate the economy. When complete the new capital is expected to accommodate a population of 5 million people solving the chronic congestion issue in current capital Cairo.
In 2015, an MOU was signed with China State Construction Engineering Corporation (CSCEC) with the main focus being centered around putting up buildings that would house government ministries and agencies as well as the president’s office. The Chinese were to build a new parliament complex, 12 ministerial buildings, a convention center and an exhibition area at what is believed would be a whooping US $45bn. This would undoubtedly form the nucleus from which the rest of the city would grow as demand for other amenities such as housing and shopping would stem.
