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The construction of Egypt’s new capital is currently underway, with its new roads and sewage networks expected to be finished by mid-2018.
In March 2015, Egypt announced at an economic development conference its plans to build a new capital. The conference was attended by representatives from 112 nations, multinational companies, the World Bank, and the International Monetary Fund. The new capital is being built in a desert east of Cairo. It is meant to solve problems of overcrowding, pollution, and rising house prices in the current capital by providing residents a new place to live in. It is also intended to be the new center of the Egyptian government.
The Arab Contractors Company (AC), the company responsible for the construction project, promised that roads, drinkable water, and waste water systems will be ready in residential and government districts in 2018.
The new capital measures 700 square kilometers and will include 1.1 million residential units that can house 5,000,000 people. It will also have a financial district and an administrative district, which is comprised of a presidential palace, government offices, and embassies. The total cost of the project is estimated at $164.7 million.
Many are concerned, however, that the project may run into a problem already encountered by towns recently built around Cairo. Despite the huge amounts of money invested in these new towns, very few people choose to live in them. This is because the prices of houses in the towns were too much for people from Cairo. In addition, the towns lacked informal businesses, such as street vendors and marketplaces, where many Egyptians depend on.