Al Maqsad New Capital Egypt is a planned city located in the desert outside of Cairo, Egypt. The city is expected to be a major economic hub in the Middle East, with its own airport, seaport, and financial and administrative district.

The project was announced in March 2017 by Egyptian President Abdel Fattah el-Sisi, who stated that the new capital would be “a new global city that will become a major hub for business and tourism in the Middle East and Africa.” The project is estimated to cost $45 billion and will be funded by the Egyptian government, foreign investors, and banks.

The city is expected to be a major center for technology, finance, and industry, with high-tech infrastructure and a business-friendly environment. It will be built on a total area of 700 square kilometers and will include a number of districts, including a central business district, residential areas, an international airport, a seaport, and a financial district.

The city is expected to be completed by 2022, with the first phase of construction set to begin in 2018. The project is expected to create 1.5 million jobs and attract 15 million visitors annually.

Al Maqsad New Capital Egypt is expected to be a major economic and cultural hub in the Middle East, and the project is seen as a major step towards diversifying Egypt’s economy and creating new opportunities for its citizens.