Ministries of Housing and Defense form JV to act as main developer of new capital city
The Ministry of Housing has announced the establishment of a JV with the Ministry of Defense to act as the main developer of the new capital city, leading the negotiations with other potential investors. On a related note, the New Urban Communities Authority (NUCA) is in the process of finalising the master plans for phase one of the new capital city, ahead of offering the phase to investors. Phase one will be spread over 10,500 feddans, the development of which will kick off with a number of ministerial buildings. (Al Borsa)
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