Egypt is attracting huge real estate investment via GCC www.tasweekuae.ae
Real Estate GCC • The Egyptian economy is growing and the real estate GCC market and with the help of the Gulf governments some of the major investment projects are coming up.
One of the largest upcoming projects proposed by Abu Dhabi-based real estate developer is to construct a new administrative capital towards the East of Cairo spread across 700sq km. This massive project is the biggest highlight of Egypt which is valued at $45bn. The proposal presented to the Egyptian government envisions a population of 5mn people living in 1.1mn houses in 21 districts, along with 1.8mnsq m of retail mall, 5.6sq km for the business district, 40,000 hotel rooms and many religious buildings, hospitals, schools and universities, a new airport and a theme park.
In order to make it a success, this new city will require suitable infrastructural facilities. Many plans have already started to materialize; a fast train is a bonus towards the development of this city. The site where this city will be emerging is surrounded by two major highways that will successfully connect with Cairo. Once the infrastructure and transportation facilities are taken care of, this city will promote and encourage people to live closer to the place of work.
The new city project will actually make a big shift to the east which is a benefit to Cairo. This city will attract investors, who will be willing to put in their share of money in the real estate GCC market over the period. The reason behind developing the new city is because there is very less scope to develop anything in the New Cairo region and due to continuous traffic crowding in the old city, extending Cairo itself to the east will mark a point of progress of the city.
This capital city is one of the many new projects in real estate GCC that has been proposed for the development of better Cairo. The project is backed by the UAE government and Palm hills that have already declared the development of October Oasis spread over 42mnsq m on the western part of the city. This will be the biggest business attraction towards the east Cairo, but the west has to be redeveloped in a way to attract more tourists and change it into an entertainment city.
Egypt government is ambitious in developing this new city and improving Cairo by giving a better life for its citizens and invites more foreign investors that will help in growing the economy.
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