The Chairman and Managing Director of the New Administrative Capital Company for Urban Development, Khaled Abbas, said that the company has paid EGP 2 billion to the Ministry of Finance on account of taxes.
According to a statement by the Egyptian Council of Ministers, Eng. Khaled Abbas, during a meeting with the Egyptian Prime Minister, Dr. Mostafa Madbouly, reviewed a number of the company’s work files, the executive position of the projects being established within the scope of the new administrative capital, and the company’s financial position.
This comes with the start of the gradual transition of various government agencies to operate from the New Administrative Capital.
Eng. Khaled Abbas explained that the first phase of the New Administrative Capital project was divided into seven sectors.
The new capital was designed as a high-tech smart city to accommodate 6.5 million residents, with the aim of relieving congestion in Cairo and includes a government and business districts, vast parks, and a diplomatic quarter.
The new capital is located approximately 75 kilometers east of Cairo, and the cost of investments in its first phase in the city is estimated at 300 billion pounds (about 15.6 pounds per dollar).
