By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt to issue new bonds for climate, social goals
    Egypt to issue new bonds for climate, social goals
    September 27, 2023
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    Saudi Public Investment Fund eyes stake in Palm Hills Development
    September 27, 2023
    UNDP, MBRF launch online learning initiative for Arab countries
    UNDP, MBRF launch online learning initiative for Arab countries
    September 27, 2023
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services
    September 27, 2023
    GAFI to grant 45 more golden licences to boost investment
    GAFI to grant 45 more golden licences to boost investment
    September 27, 2023
  • Politics
    PoliticsShow More
    UN to send mission to Nagorno-Karabakh: Spokesperson
    UN to send mission to Nagorno-Karabakh: Spokesperson
    September 30, 2023
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    Egypt’s Irrigation Minister highlights climate challenges for water sector
    September 27, 2023
    CCCPA, Senghor University join forces for African peace, development
    CCCPA, Senghor University join forces for African peace, development
    September 27, 2023
    Arab League chief urges more funding, investment for food security
    Arab League chief urges more funding, investment for food security
    September 27, 2023
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    Egypt denounces Houthi attack on Bahraini forces in Saudi Arabia
    September 27, 2023
  • Interviews
    InterviewsShow More
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    Microsoft Egypt aims to provide advanced AI models, build solid AI ecosystem: Mirna Arif
    September 18, 2023
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    I love privacy, and I am not concerned about competition: Yasmine Sabry
    September 14, 2023
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    Sustainability, digital transformation at the heart of our strategy: Heidelberg Materials Egypt
    September 12, 2023
    India welcomes Egypt's BRICS membership: Boosting trade, investment, and access to strategic commodities
    India welcomes Egypt’s BRICS membership: Boosting trade, investment, and access to strategic commodities
    September 11, 2023
    The box office is not a measure of success: Basma Hassan
    The box office is not a measure of success: Basma
    September 6, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Banks, individuals can fund Capital Cairo project: EFCBC head
Share
Notification
Latest News
UN to send mission to Nagorno-Karabakh: Spokesperson
UN to send mission to Nagorno-Karabakh: Spokesperson
Politics World
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
Egypt to issue new bonds for climate, social goals
Egypt to issue new bonds for climate, social goals
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Real Estate > Banks, individuals can fund Capital Cairo project: EFCBC head
BusinessReal Estate

Banks, individuals can fund Capital Cairo project: EFCBC head

Shaimaa Al-Aees
Last updated: 2015/08/09 at 4:39 PM
By Shaimaa Al-Aees 3 Min Read
Share
SHARE

Egyptian construction companies can develop the Capital Cairo project in five years, not in one year as declared by media outlets, said Hassan Abdel Aziz, head of the Egyptian Federation for Construction and Building Contractors (EFCBC).

Abdel Aziz told Daily News Egypt that Capital Cairo can be developed in five stages, every stage in one year, beginning by the infrastructure and road projects, drilling, concrete, building foundations.

Abdel Aziz noted that, in the case Al-Abbar was unable to fund the new administrative capital, the government can request banks and Egyptians to fund this mega project.

“The first stage only needs money, but the other stages could be funded by the real estate development companies by facilitating lands and selling them,” said Abdel Aziz. “After selecting the winner alliance to set the master plan for the Capital Cairo project, the implementation will start immediately and the constructing companies are ready.”

Abdel Aziz said that the candidate 50 companies could develop the project by efficient management like the New Suez Canal project.

He added that the drilling of the Suez Canal was done through small and medium-sized construction companies, but the dredging was done through large foreign and Egyptian companies.

Abdel Aziz noted that these companies succeeded because of good management and speed in solving problems besides the commitment to pay the workers’ salaries, unlike some administrative agencies in the government.

Meanwhile, Dakker Abdellah, a member of the Egyptian Businessmen’s Association and the EFCBC, said that major real estate development companies operating in Egypt have the ability, the development experience and the technical capacities to develop large areas in the new administrative capital project. They would also be able to accelerate its achievement in a short time.

The New Urban Communities Authority (NUCA) allocated EGP 5bn in the current budget for fiscal year (FY) 2015/2016 for the Capital Cairo project.

The new administrative capital officially debuted in Sharm El-Sheikh’s Egypt Economic Development Conference (EEDC), as the country’s latest mega-project, with a total cost of $45bn and an area of 700 sqm.

The population capacity of the new administrative capital is five million people and will include a cosmopolitan city, 25 neighbourhoods, roads that are 250 km in length, an airport, a presidential palace and parliament headquarters. In addition, it aims to provide 1.7m jobs.

You Might Also Like

Egypt to issue new bonds for climate, social goals

Saudi Public Investment Fund eyes stake in Palm Hills Development

UNDP, MBRF launch online learning initiative for Arab countries

Egypt Post invests in Roaderz platform to enhance e-commerce, delivery services

GAFI to grant 45 more golden licences to boost investment

TAGGED: Cairo Capital, EFCBC, Egyptian Federation for Construction and Building Contractors, New Administrative Capital, New Urban Communities Authority, NUCA
Share this Article
Facebook Twitter Email Print
Previous Article Al-Jamaa Al-Islamiya leader Essam Derbala dies in prison
Next Article Court to allow Morsi’s lawyers to meet with him: State media
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Ad image
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

UN to send mission to Nagorno-Karabakh: Spokesperson
UN to send mission to Nagorno-Karabakh: Spokesperson
Politics World
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Genetically engineering associations between plants and nitrogen-fixing microbes could lessen dependence on synthetic fertilizer
Science
Earthworms contribute to 6.5% of global grain production, says new research
Earthworms contribute to 6.5% of global grain production, says new research
Science
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Researchers build and test a framework for achieving climate resilience across diverse fisheries
Science
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?