The agreement was formally signed at the New Administrative Capital by Egypt’s Minister of Housing, Assem El-Gazzar, and the UAE’s Minister of Investment, Mohamed Al Suwaidi.
Situated on the North Coast, west of Alexandria, the project will be overseen by the New Urban Communities Authority in collaboration with the Abu Dhabi Development Holding Company, a government-owned entity.
During the signing ceremony, Prime Minister Mostafa Madbouly announced that the new initiative is poised to inject $35 billion in foreign direct investment (FDI) into the economy within a span of two months, marking the largest FDI influx in the nation’s history.
