Half of land sold for Egypt new capital

Egypt has sold almost half of the land earmarked for the first phase of a huge project to develop a new capital 50 kilometers east of Cairo, an official at the state-owned company building it said.

The as-yet unnamed city is being built in the desert by a company owned 51 percent by the military and 49 percent by the Housing Ministry.

The government has said it wants to start running Egypt from the new city as soon as the middle of next year. But the $58 billion project has struggled to raise funds and faced other challenges after some investors pulled out.

The first phase is “40,000 feddans [168 square km], of which 17,500 feddans have been sold so far. We plan to sell 6,000 feddans [more] by June 2020,” said Magdy Amin, head of the real estate sector at the company, called the Administrative Capital for Urban