Egypt’s Talaat Moustafa Group (TMG) and the New Urban Communities Authority (NUCA) have joined hands to launch the 500 billion Egyptian pounds ($32 billion) Noor Capital Gardens project in East Cairo, it was announced on Sunday.
TMG said in a press statement that the mega development, located across the New Administrative Capital area, would span 5,000 acres and house 140,000 residential units.
CEO Hisham Talaat Mostafa said in the statement that four globally renowned companies - SWA, SASAKI, BCG and Perkins Eastman - have planned the project, which is slated to be the ‘first green smart city’ in Egypt.
The statement said the project would accommodate a population of 600,000, create 3.3 million job opportunities and generate an estimated tax revenue of 110 billion pounds ($7 billion).
(1 US Dollar = 15.69 Egyptian Pounds)
(Writing by Marwa Abo Almajd; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.