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SHARM EL-SHEIKH, Egypt (AP) — Egypt's government announced Friday plans to build a new capital adjacent to Cairo, in a massive new project that in its first phase would cost $45 billion and take up to seven years to complete.
Housing Minister Mostafa Madbouly announced the plan at the opening of the 3-day international economic conference held in this resort city and attended by hundreds of business executives and world leaders. The aim, he said, is to alleviate congestion and overpopulation in Cairo over the next 40 years. By that time, Cairo — currently home to nearly 20 million — would have doubled in size.
Cairo plans a giant USD14.5 billion airport city
But the fascinating thing about Africa is that it throws up the occasional oddball that is not easy to classify. For example the biggest single expenditure in the CAPA Airport Construction and Cap Ex database is listed as Egypt’s Cairo Airport (USD18.4 billion, more than half the total for Africa). Some of this amount is allocated to a new terminal, cargo facilities and a power plant.
But the vast majority is for an airport city, the estimated cost of which shot up from a modest (and probably appropriate) USD200 million (early 2013) to a staggering USD14.5 billion (Nov-2013) – a project that will now apparently cover 10 million square metres around Cairo Airport and which will be undertaken in several phases over seven years, with the first phase to commence in Jan-2014. The project is to include a free trade zone, 1.7 million sq m cargo zone, catering facilities, entertainment area, offices, hotels and a hospital.
originally posted by: markosity1973
Africa is the new mineral resource frontier.
You have crappy countries with no human rights red tape to make costs higher and populations so desperate they'll work in unsafe filthy conditions just for food. These places have all sorts of unexploited treasures considered too dangerous because of the political lay of the land by western governments.
China doesn't seem deterred by all this however. Egypt is possibly planning to set itself up as the frontier state for all of this.