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Inertia eyes housing project in new Egyptian capital

CAIRO, October 29, 2016

Egyptian real estate group Inertia Holding is planning to develop a residential project over a 840,166-sq-m area in the country’s administrative capital city, said a report.

Inertia has submitted a request to the Ministry of Housing to obtain land plots ranging between 40,000 and 100,000 m for commercial, administrative, medical, and entertainment projects in the new capital city, reported Amwal Alghad, citing a top company official.

The proposed new capital is a large-scale project and is dubbed a ‘global city for Egypt’s future’ and ‘a city shaped by nature’, with a reliance on renewable energy, remarked Inertia chairman Ahmed El Adawy

It promises housing to five million people and will also include a new central business district with hotels, shopping centres, theme parks and more, stated El Adawy.

The $45-billion capital city project, which is set to be completed within 12 years, is primarily aimed at transferring ministries, government buildings and foreign embassies from downtown Cairo to the new capital and would be established on the Suez-Cairo-Ain Sokhna road, he added.




Tags: Egypt | housing project |

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