Nile Developments, the first specialized Egyptian company in developing skyscrapers, its Tycoon tower successfully sold out 50% of its first phase with a total of EGP 2 bn.
The Tower, located in the New Administrative Capital (NAC), is Africa’s highest hotel.
In February, Chairman and Managing Director of the Administrative Capital Company Khaled Abbas witnessed the launching of the project.
NAC has attracted investors from all over the world, especially in real estate, smart cities, and energy and digital solutions.
According to the plans, the city will become the new administrative and financial capital of Egypt, housing the main government departments and ministries and foreign embassies.
On 700 square kilometers (270 sq mi) total area, it would have a population of 6.5 million people, though it is estimated that the figure could rise to seven million.
Furthermore, the New Capital is coming to life as several ministries have begun relocating there.
In January, Abbas stated that 30,000 public employees will relocate to the new capital between March and April.
Furthermore, Egypt’s cabinet held its weekly meeting earlier this month at the new capital.
The city is planned to consist of a government administrative district, diplomatic quarter, cultural district, central business district (CBD), and 21 residential districts.
NAC is planned to be built in stages across the space of 170,000 acres (714 km2/ 270 sq mi), with Phase 1 covering over 40,000 acres, less than a quarter of the land allocated for the city.
Some amenities planned for the city are a central park, artificial lakes, around 2,000 educational institutions, a technology and innovation park, 18 hospitals, 1,250 mosques and churches, a 93,440-seat stadium, 40,000 hotel rooms, a major theme park four times the size of Disneyland, 90 square kilometers of solar energy farms and electric railway link with Cairo.
