Al Maqsad New Capital Egypt is a new development project that is being undertaken by the Egyptian government in order to create a new capital city for the country. The project was first announced in March 2017, and is expected to be completed by 2022. The project is estimated to cost around $45 billion, and will cover an area of over 700 square kilometers.

The new capital city will be located in the Eastern Desert, 45 kilometers east of Cairo. It will be built on largely unpopulated land, and is expected to be the largest urban development project in the Middle East. The city will be designed to accommodate up to five million people, and will feature a range of modern amenities such as a business district, schools, universities, and hospitals.

The project is part of the Egyptian government’s Vision 2030 initiative, which seeks to transform the country into an international hub for business, finance, and tourism. The government hopes that the new capital city will attract foreign investment and create thousands of new jobs.

The project is being funded by a mix of public and private funds. The Egyptian government has allocated $20 billion for the project, while the remaining funds are expected to come from foreign investors. The government also plans to use public-private partnerships to finance the project.

The project is expected to have a major impact on the Egyptian economy. It is estimated that the project will create up to one million new jobs, and will contribute an additional 2.5 percent to the country’s GDP. It is also expected to attract foreign investment and help to diversify the country’s economy.

The project is expected to be a major boost for the environment as well. The city will be designed to be energy efficient and will feature green spaces and parks. It is also expected to improve air quality by reducing emissions from cars.

The project is expected to be completed by 2022, and the Egyptian government is confident that it will be a success. The new capital city is expected to become a major hub for business, finance, and tourism, and will be a major boost for the Egyptian economy.