Cairo, July 14, 2018,(AltAfrica) – Egypt’s New Administrative Capital will be Egypt first smart residential city, announced Deputy Minister of Housing Khalid Abbas on Friday.

In a phone interview on DMC channel, he stated that the New Administrative Capital that the first phase will include 2,048 houses of different sizes. Reservations of the units will be through electronic methods, where clients can pick their units online.

Additionally, it has implemented new housing units pending the installment of facilities and services. The full housing units were expected to be delivered in a year, announced Khalid Abbas, deputy minister of housing on Friday.

The capital will host ministries, parliament, Egyptian Media Production City, presidential palaces, and embassies.

While the army is responsible for the management of the project, twenty-five public and private companies are responsible for building the infrastructure as well as the neighborhoods. So far, 170,000 jobs have been provided due to the project and the number is expected to increase in the coming phases.

The New Administrative Capital Company is 51 percent owned by the armed forces and 49 percent by the New Urban Communities Authority (NUCA). The paid-up capital of the company amounts to LE 20 billion, including contributions from the armed forces and NUCA, and the authorized capital is LE 204 billion.

As for the importance of such project, the deputy minister said that prices of Cairo houses will witness a significant decrease as a result of the rise of supply, adding the capital will provide 350,000 housing units upon completion.

The New Administrative Capital is one of Egypt’s largest projects at the current period. Built on a 170,000 feddans, the capital will include 20 residential areas, an international airport and an electric train. The capital is expected to be a home for 6.5 million people. Moreover, the capital will host 1250 mosques and churches, a conference center, and schools and colleges, as well as the largest park in the world.