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PostPosted: Sun Aug 24, 2014 11:50 pm  |  Posted from: Egypt
  

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New airport city to create 120,000 jobs, at LE80 billion cost.

Egypt's government plans to build an airport city around Cairo's international airport at a cost of LE80 billion, said Mahmoud Essmat, Chief Executive Officer of the Holding Company for Airports and Aviation.

The project's consultancy, AECOM, has already completed the feasibility study for the project, which includes five phases to be completed by 2020, Essmat said at a press conference on Saturday.

Revenues from the project are expected to amount to LE422 billion by 2040.

The airport city will include touristic, trade, entertainment, medical and educational areas built on environmentally friendly infrastructure on an area of 10 million square metres.

The ambitious project is expected to create 30,000 direct jobs and 90,000 indirect jobs.

Essmat expressed hopes that the project would attract investments from Egyptian and Arab investors.

Egypt's government has recently announced several ambitious projects with the aim of increasing investments and boosting the ailing economy.

Earlier this month, President Abdel-Fattah El-Sisi gave the green light for digging a new waterway alongside the Suez Canal which is expected to boost revenues by 259 percent.

Also on Saturday, Prime Minister Ibrahim Mahlab announced plans to develop the country's North Cost to attract more tourists.

Egypt's unemployment rate hit 13.3 percent in the second quarter of 2014.

Net Foreign Direct Investments (FDIs) were $1.8 billion in the third quarter of 2013/2014, with the inflows mostly from the United Kingdom, United States and Arab countries.

Source: http://english.ahram.org.eg/News/109144.aspx

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PostPosted: Mon Aug 25, 2014 3:32 am  |  Posted from: Canada
  

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Definitely lots of ambitious plans coming forward these days. Wonder where the investment money will come from? I'm not sure I'd like a folder titled "Egypt" in my portfolio of short and long term investments.


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PostPosted: Mon Aug 25, 2014 12:35 pm  |  Posted from: United Kingdom
  

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I question the unemployment figure of 13.3% but if that is true, Egypt is probably in a better state economically than might appear when we tend only to have first hand experience of the tourist locations.

I still have great affection for Egypt and wish them well. Dig this new canal and build this new city provided investment can be found and the feasibility study proves to be reliable. I would have some concern about the timescale though, seems rather short to build a new city, a bit like the ambitious target of a second canal in one year????

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PostPosted: Mon Aug 25, 2014 5:36 pm  |  Posted from: Canada
  

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The dates seem very short. Panama has been building a new canal and while I haven't been specifically following this I'd gues-timate I've been hearing about the NEW Panama Canal and construction for something like 5 years.

I'm always curious about Egypt as I have the gf and her MMID who are attached to Luxor along with my best friend & coworker's son's wife's MOTHER married a caleche driver there years ago and funded this mans career. My other gf did live in Cairo (she was married to a University Professor for yrs who passed away) however since she returned to Canada to live close to her sons I've lost contact with her :( but I'm hoping one day to get an email from her as my contact info is the same - unless :( :( something very serious has happened to her (I don't know how to reach her sons). My other friends now live in Alex and I do know that one day I'll go there to visit with them again and see their twins born about the same time as my dtr had twins.......so I too do wish Egypt well. No plans to go back at all right now until all the political stuff settles down and then it would more than likely be to Alex.......

Sisi seems a very strong leader and like it or not seems Dictator types are needed there to maintain law and order. I definitely hope he is able to get the country turned around and is also able to protect all the antiquities and historical treasures in Egypt.


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