Abu Dhabi developer said to plan new $80bn Egyptian city

Abu Dhabi-based developer Eagle Hills is reportedly planning to build a new city near Cairo, costing up to $80 billion over a 12-year construction period.

Bloomberg quoted two people with knowledge of the matter as saying the new city will include an airport, hotels, and a mall as well as amenities such as hospitals and schools.

Separately, Ashraf Salman, Egypt’s minister of investment, told Bloomberg TV that the choice of developer has been narrowed down to two companies from the United Arab Emirates, declining to name them.

The project will be formally announced by Egypt’s government at an international investors conference next month, Bloomberg said, adding that the project will be built to the east of Cairo.

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Abu Dhabi developer said to plan new $80bn Egyptian city