PROJECTS: Egypt's Talaat Moustafa Group, NUCA partner for Noor City project

$32bln development is slated to be Egypt's first green smart city

  
Image used for illustrative purpose. Worker walks in front of buildings under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Image used for illustrative purpose. Worker walks in front of buildings under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

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) 

(anoop.menon@refinitiv.com

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