Egypt's new business city revealed on website

PanARMENIAN.Net - Egypt's new administrative and business city, on the outskirts of Cairo, has been revealed on a new website. It says the city will house up to five million residents and be built in the corridor between Cairo and the Red Sea, according to BBC News.

There will be 1.1m housing units and 1.75m permanent jobs.

The city was set to be officially unveiled at an Egyptian government conference at the Red Sea resort of Sharm El-Sheikh, to global investors and politicians.

The website - unveiled on Friday, March 13, - says that "the masterplan is to create a global city with smart infrastructure for Egypt's future, which will provide a multitude of economic opportunities and offer a distinct quality of life".

It will be built over 700 sq km (200 sq miles) - about the size of Singapore.

The website says the city's site "is situated along the corridor between Cairo and the Red Sea, providing linkages to significant shipping routes. The city is bound to become a focal point of the Eastern Cairo region".

The website links to Capital City Partners, a private real estate investment fund led by Emirati Mohamed Alabbar.

Dubai businessman Alabbar built the world's tallest building, the Burj Khalifa.

Egyptian government departments, ministries, and foreign embassies, will move to the new metropolis from out of Cairo, whose urban area is home to 18 million people.