Noor City to be completed in 15 years, generate EGP110bn taxes, CEO
The construction of Noor City project in Capital Gardens City will finalize in the span of 15 years and delivery will start late 4th and early 5th year, according to Hisham Talaat Moustafa, CEO and Managing Director of Talaat Moustafa Group (TMG) Holding.
The 10-phase Noor City attracts EGP500bn investments
The 10-phase project, to be built over 5000 acres, will include 8000 units in the first phase and attract up to EGP500bn investments, he said on the sidelines of press conference attended by Minister of Housing Utilities, and Urban Communities Dr. Assem El Gazzar on the occasion of laying down Noor City’s stone foundation.
Developing Noor City will materialize in partnership between TMG subsidiary, the Arab Company for Urban Investment, and the New Urban Communities Authority (NUCA).
Noor City, to comprise 140,000 housing units suiting citizens’ varied income segments, will apply payment scheme, the first of its kind in Egypt, in collaboration with state-owned banks, National Bank of Egypt, Banque Misr and Banque du Caire, he added. “ Also, under up to 15-year tenure, citizens can buy units against advance payments as affordable as possible for many people.”
The project will create job opportunities for 3.3 million citizen, be they regular or irregular labors, and will generate EGP110bn taxes, Moustafa explained.
With the aim of placing it at the forefront of 4th Generation Cities and achieve sustainable development goals and standards, the city was planned by the four largest specialized international companies of SWA, SASAKI, BCG, and Perkins Eastman.
He further pointed out that the new city will include a set of integrated services and modern applications for the first time in Egypt, such as 5G technologies.
“We will also adopt the concept of smart cities, using the latest technologies, and an advanced fibre optics infrastructure, together with the Internet,” Moustafa said.
Alongside this, there will also be high-speed Wi-Fi in all public, commercial, and service areas. Further still, security services will be available through the latest security systems, CCTV cameras, and control rooms in all areas.
All the city’s amenities will be run using smart pollution-free water-efficient management irrigation systems.
The city will also use environment-friendly means of transports, smart lighting system and the world’s most advanced construction designs, he concluded.
