|12 December, 2019

Egypt's president allocates land for New Port Said City

The investment cost of building Salam City is estimated at $4.21bln

Egypt’s President Abdel Fattah al-Sisi addresses participants of the "G20 Investment Summit - German Business and the CwA Countries 2019" on the sidelines of a Compact with Africa (CwA) in Berlin, Germany November 19, 2019. John MacDougall/Pool via REUTERS Image used for illustrator purpose

Egypt’s President Abdel Fattah al-Sisi addresses participants of the "G20 Investment Summit - German Business and the CwA Countries 2019" on the sidelines of a Compact with Africa (CwA) in Berlin, Germany November 19, 2019. John MacDougall/Pool via REUTERS Image used for illustrator purpose

Cairo – Mubasher: The Egyptian President Abdel Fattah El-Sisi has issued a presidential decree no 589 of 2019 to reallocate a land plot covering an area of 22,153 feddans (93.06 million square metres) in Port Said and North Sinai to the New Urban Communities Authority (NUCA), the Middle East News Agency (MENA) reported on Thursday.

A new urban community will be built under the name of New Port Said (Salam City), according to the state-run news agency.

The Egyptian government had previously estimated the investment cost of building Salam City at EGP 68 billion.

Source: Mubasher

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