The New Urban Communities Authority has approved 500 million pounds for the investment plan for the new city of Suez, and the authority has identified an area of 120 acres of investment area within the new city.
Asma Makhlouf, head of the city’s development authority, said the New Urban Communities Authority has adopted the city’s investment plan for fiscal year 2023-2022, which is worth 500 million pounds.
She explained – in statements to «Money» – that the process of development of the city is subject to a plan developed, to develop an area of 2000 acres, which we seek to complete in full within three years at the latest.
“We are currently working on the development of the first phase, estimated at 300 acres, which is witnessing the implementation of 86 residential buildings, with a height of 5 floors, in total of 2064 units, with an area of 90 meters, indicating that the reservation will be opened during the current year, within the units announced by the Ministry of Housing, Facilities and Urban Communities.”
She continued: «Construction began in the housing project, and the excavations and implementation of the work of concrete bases were completed, to complete the project in accordance with the schedule set and estimated at 18 months, stressing that it will witness the implementation of a number of service, commercial, and medical activities, to provide comfort to the residents of the new city.”
On the investment area, she confirmed that the area of 120 acres has been identified and includes areas of “money”, business, exhibitions, tourism, entertainment, hotel and commercial, as well as central gardens and open green flats.”
More than 17,000 acres have been allocated for economic, industrial, administrative, tourism and commercial activities to take advantage of the site, she said, adding that 10,000 acres of residential activities and 9,000 acres will be allocated to service and recreational areas
“We are currently seeking to make a difference through the implementation of a number of projects to attract investment to the city, especially since its geographical location makes it one of the most important new cities in terms of investment and the establishment of major projects.”
The new city of Suez was established after the issuance of Republican Resolution 316 on 28 July 2021.
This includes the allocation of approximately 65.49 thousand acres equivalent to (275130985) m2 of state-owned land privately owned in the area of Suez Governorate to establish a new urban community (The New City of Suez).
The new city of Suez is bordered to the north by Suez, 30 km away, and the city of Ismailia, 150 km away, south of the Economic Zone A.L., the Industrial Zone of Ain Sukhna, the west of the new administrative capital, about 100 km east of the Gulf of Suez.
The city is characterized by its located near several ports, including the port of Al-Adbya – the port of Al Ain Sokhna – the port of Suez and also the new city of Suez is located on the important regional development axes: (Suez Hurghada – axis of June 30) which is near the city of Suez by direct road and a distance of not more than 15 minutes.