(MENAFN- The Journal Of Turkish Weekly) The government has taken steps to establish a proposed administrative capital, Egypt's Housing Minister Mostafa Madbouli said Sunday.
He told reporters that the government had invited international companies to submit offers for the construction of water and sewage networks for the proposed capital, unveiled by the government during an international investment conference last month.
The government said last month that it had signed a contract with Emirates-based real estate developer Emaar to build the first phase of the new administrative capital with total investments of $45 billion.
The contract was signed on the sidelines of a three-day investment conference in the resort city of Sharm el-Sheikh.
Egypt's President Abdel-Fattah al-Sisi and United Arab Emirates' Prime Minister Mohamed bin Rashid Al Maktoum attended the signing ceremony.
Madbouli said the new administrative capital would take between five and seven years to be completed.
He added that the project would include a presidential palace, parliament headquarters and a cabinet building as well as a diplomatic district.
The minister noted that the new capital, located 45km east of Cairo, will be the focus of economic activities.
He said the new city, the name of which has not been unveiled yet, will create around 1.7 million jobs.
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