New residential city in Egypt

Egypt-based Maxim Investment Group is keen to establish a comprehensive city within the state new administrative capital city, said a report.  

The upcoming city will come up over a 1.26 million sq ft to 2.1 million sq ft area, reported Amwal Alghad, citing its chairman Mohamed Karrar.

The new, yet-to be-named administrative capital will be located 45 km east of Cairo and just outside the Second Greater Cairo Ring Road in a largely undeveloped area halfway to the seaport city of Suez.

Maxim has already pumped E£600 million ($67 million) into its projects in the north coast within the first five months of this year,. stated the report.

In addition, one of the companies which is affiliated to Maxim group has supplied 70 per cent of volume of concrete used in the new capital city project.

The company had started supplying concrete six months ago, said the report.

Maxim said the total investments by the group in Egypt has increased by E£13 billion ($1.45 billion), it added.

Stuart Beaty

Celsium, Birmingham, UK