New Capital Egypt is an ambitious urban development project that aims to create a new economic center in the north African country. Located in the desert outskirts of Cairo, the $45 billion project is a joint venture between the Egyptian government and Emirati-based Meridian Investment.

The New Capital Egypt project includes the establishment of a city spanning 700 square kilometers, with residential neighborhoods, business hubs, industrial complexes, public spaces and green areas. In addition, it includes the building of a “Knowledge Corridor” hosting universities and research facilities. Other planned amenities include an international airport and a financial district.

The project seeks to create 1.1 million jobs by the year 2052 and provide housing for 6.5 million people. When completed, it will become a major economic hub in the Middle East, helping to attract investments, enhance trade ties and boost tourism.

The launch of this ambitious urban project was announced in January 2020, with the first phase due to be completed in 2022. The project has garnered both local and international attention, with many seeing it as a bold step towards shaping Egypt’s future.