alaat Mostafa Holding has revealed plans for a new city east of Cairo with an investment cost of 500 billion pounds ($31.8 billion).
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It will include 140,000 housing units, and is expected to provide as many as 3.3 million regular and irregular jobs, the developer told a press conference.
Mostafa said that the Nour City project, which is expected to accommodate 600,000 people, will provide a range of housing options.
Homes will be offered through payment plans over 15 years in cooperation with state banks that include the National Bank of Egypt, Banque Misr, and Banque du Caire.
The project, which is located in front of the New Administrative Capital, aims to meet the requirements of population and urban growth in the East Cairo axis, currently home to about 4.5 million people, Asharq Business reported. Its population is expected to reach 10 million people by 2030.
