(MENAFN- Khaleej Times) His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Egyptian President Abdul Fattah Al Sisi have attended the signing of an agreement to build a new administrative and business capital for Egypt at a cost of 150 billion Egyptian pounds.
It is planned to be built at Ain Al Sokhna road, to the east of Cairo, over 700sqkm and houses about seven million residents.
The signing ceremony took place on the sidelines of Egypt Economic Development Conference in Sharm Al Sheikh, Egypt.
The deal was signed by Mohammed Ali Al Abbar, Chairman of Emaar, which is investing in the project, and, from the Egyptian side, by Dr Mostafa Madbouly, Minister Ministry of Housing, Utilities and Urban Development.
Among others present were Shaikh Abdullah bin Zayed Al Nahyan, Foreign Minister, and members of delegation accompanying Shaikh Mohammed bin Rashid, Egyptian Prime Minister Ibrahim Mahlab, a number of ministers and senior officials.
Shaikh Mohammed and President Sisi were briefed about the huge aspects of the design. More than 35 specialised Egyptian construction companies will take part in the implementation of the project. The new capital will host ministries, official institutions and embassies, headquarters for companies and private sector firms. It will also include resorts and modern shopping centres and residential neighbourhoods.
Shaikh Mohammed and Sisi at the signing ceremony. -Wam
The UAE Vice President, President Sisi, Shaikh Abdullah bin Zayed, Dr Sultan bin Ahmed Sultan Al Jaber, UAE Minister of State, and Madbouly toured the exhibition held on the sideline of the conference to feature the new administrative capital. Dr Madbouly briefed them about the details of a colossal project, which will be constructed between Cairo and Suez Canal, adding that the new capital will be named after His Highness Shaikh Mohammed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The promising city will be the new administrative capital of Egypt and will absorb about seven million people. After completion of the construction, the new capital will be linked to Cairo and the Suez Canal.
Shaikh Mohammed bin Rashid and the Egyptian president appreciated the project, describing it as "a true reflection of the depth of fraternal ties between the UAE and Egypt's leadership, its government and people."
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