Why Egypt Can’t Afford Its $58B New Capital City | WSJ Breaking Ground
Вставка
- Опубліковано 22 тра 2024
- Egypt is building a new $58 billion administrative capital from the ground up. But what began as a ploy to decongest Cairo’s traffic, has quickly racked up criticism over a growing budget and questions about who this new city benefits.
Sitting over 20 miles east of Cairo, the new capital plans to include a miles-long central park, a main business district with a Chinese-built tower and a massive new headquarters for the Egyptian Ministry of Defense, known as the Octagon. But how many people can afford to live in this city designed for 6 million people?
WSJ looks at what this new desert city reveals about Egypt’s plans for the future and looks at the debt it’s racking up to get there.
Chapters:
0:00 Egypt’s new capital
1:02 The goal behind the new capital
3:47 The challenges for the government
4:55 The challenges for the people
6:06 Geopolitics
6:57 What’s next?
Breaking Ground digs into megaprojects around the world, uncovering what these developments might mean for the surrounding region and the ultimate costs.
#Egypt #Megaprojects #WSJ
The creation of Versailles, 12 miles from Paris, was one of the factors leading to the French Revolution. It isolated the king from the people so he had no idea what was really happening in Paris. Ignoring the peasants is risky.
New Delhi was created as New Capital by British to distance itself from freedom fighters and rebellious public of old capital Kolkata India.
@@xenon6947Which was one of the factors led to the fall of British colonialism later.
We built Brasilia in Brazil, it wasnt as bad.
Brasilia is an Oversized city, with plazas and streets intentionally large to make any manifestation and crowd look small on the cameras. Its far from all major cities, so to get there you have to travel.
In some ways, it isolated the power, but it also brought stability.
While millions of people do their manifestations in Rio and São Paulo, the capital is far away.
In the brazilian case we have cities way too big, bigger than anything in Europe or America. Any true manifestation involve hundreds of thousands or even millions of people. The capital far away at least give stability to the country while also allowing huge manifestations to take place without risking the country's democracy.
If you want the President out of office, you ought to do it through the correct means. But at least in Brazil we have those means to take presidents out of office, just like we recently did with Dilma Rousseff, i dont know how things work in Egypt.
Anyways, we have to admit that there are positives to this capital. Its hard to say if Egypt will be better without its leaders, we know what happened in Lybia with Muammar Gaddafi. Finally, i dont think the ancient egyptian population had first world conditions when they built the Pyramids and maybe in the future egyptians will have better use for these structures. We are somewhat part of nature, just like people built their houses around Brasília, egyptians will grow and adapt around their capital.
@@Etendard1708 British Empire fell due to WW2 losses.
I don't think it's the same now as it was in the 18th century, there are CCTVs now and a whole lot of modern ways to control the peasants.
I'm from egypt and in 2011, the revolution stopped the country in its tracks, the protestors burned down government buildings and police stations, if another 2011 were to happen now, they could just simply cut the transportation lines, park the military outside the new city and wait it out. The protests would not affect the government at all.
The most depressing thing is not only is car-dependent sprawl the most expensive type of infrastructure to build, it's also the most expensive to maintain, especially in the heat of the desert. Most likely they'll need to be rebuilding their roads and water mains within 25 years, before they even are fully inhabited.
That's pretty much the whole of Middle East. Got a cousin living as an expat with his kids in Qatar and he told me it's virtually impossible to even stand on a sidewalk, let alone walk, partly due to harsh heat; the government there is planning to "centrally air condition" the roads, apparently 😂
Yeah i don't understand why Egypt and other countries in the Middle East voluntarily choose to build sprawling American type cities instead of denser European or South/Southeast/East Asian type cities
Maybe because they think they have a lot of land witch @@SKAOG21
Your name says it all !
Do not talk if you know NOTHING about the new project in Egypt. . @@diablow1411
there is no such thing as "South Asian" the term is Desi@@SKAOG21
Brazilian government did something like this here during the 60s and the result was disastrous, a huge debt, especially with the IMF
Where ?
@@booksquotes948Brasilia i suppose
Vcera nieje dnes
Dnes je zo zajtra perfektne premakana technoligia a system fungovanja
👍👏😊
But it does the job of preventing massive protests. That's all they care about.
ever think why IMF give loans to build roads, cities and not universities, hospital, factories?
Very disappointing to see poor countries invest in expensive car-dependent city design/infrastructure.
all the more disappointing when the same resources could have made a huge improvement to Cairo infrastructure.
This type of infrastructure is so common in new cities in developing nations, especially those in Asia. It’s crazy.
@@yonnn7523the city needs to grow, it's way too dense and unorganized. But the new capital should have been a model of sustainable city design. The worst part is that a sustainable design woulve been also much cheaper
@@faheemabbas3965Asian have car worshiping culture and having mentality of looking wealthy by owning a car, kinda like Americans
Yeah, they could've planned smartly around a good public transport system. Such a shame they've not used their brains.
Openly announcing separation between government areas and public residential areas somewhat kinda feels like the Government will be attracting revolts soon
The U.S biggest cities are far from Washington D.C I dont understand why this is supposed to be a problem
@@iandavidvillaloboswong5180DC itself is a big city on its own.
So is the new city in Egypt
@@iandavidvillaloboswong5180you’ve never been to dc have you
@@khoado2060 I said biggest cities, the biggest cities in the U.S are NYC and Los Angeles. Washington D.C is 23rd by population according to Google.
The egyptian miliatry became economic power rather than a miliatry one
Some of miliatry companies include gas stations, mineral water, olive oil and even they sell meat and chicken for customers they became a country inside egypt
Is Egypt the new Pakistan?
@tomsriver2838
They even own more companies and they work in construction, private roads, hotels , clubs and media channel's and even film and series productions and more every thing in egypt are owned by military one way or another
@@1811titovery good news to Egypt.. Thanks for sharing 😛
Looks like Egypt's military had learned a thing or two from Turkey's military.
This is so similar to the Pakistani military!
Al Sisi is building a new Versailles.
This is entirely a defensive measure. DC was built (and Paris was redesigned) with very wide avenues that the local population growth wouldn't saturate for hundreds of years, explicitly so that you would be unable to barricade them. In this case, the military is not only afraid of foreign conquest, but of civilian uprising. If nobody lives there but functionaries, you'd barely even notice a shooting war going on in a Cairo insurrection.
Compering something from 18 century to modern time 👍 with different weapons transportation and economy...
@@engmsh3544 Myanmar just moved their capital 10 years ago for the same reason.
@@yrobtsvt the situation is completely different. Egypt is not like maynmar
The new Egyptian capital will have 6 million residence and sid by side to new cairo (5 million people) and Badr city and Al Shrouk city , madinity..
They build first a massive transportation network between cairo and the new capital including mono rail and light electric train and buses and will have speed rail soon.
East cairo is literally fall of new cities and massive private and public projects..
The military wants to build new government building and also makes large amount if cash.. They saw private sector keep building new luxurious cities and making billions of pounds so they copy it
LOL (if it wasn't so serious) you're so right!!
@bbabbich3467 Also for slavery. Presidents like Washington didnt want their slaves too close to free states and wanted a nice grey area that wasnt free or slave state to bring servants with them to. Gotta remember that for the first 60 years of American history from 1776-1837 all the leaders had slaves with Jefferson and Washington being some of the wealthiest men in the colonies thanks to vast amounts of slave laborers.
Mistake they did here was to try to complete it all at once.
They should have broken it into smaller parts and completed one section and then move to the next. That way, they could start earing before the project is fully complete.
The real goal is to make it harder for the people to pull another successful revolt in the capital, which the old capital Cairo design couldn't guarantee, but the new one would help prevent any also money going to certain interest groups friendly to the government building the city and getting some of that 58 billion dollars in there pockets
I agree though I also think part of the new city isn't a bad idea. A lot of countries have planned capitals (e.g. Washington DC, Canberra). Cairo's congestion and old design definitely do cause an issue in terms of different offices of government being able to work together. The issue is that this project isn't about streamlining the function of government, it has ballooned into a prestige megaproject.
Like when Paris was redesigned after the French Revolution?
Not 😂
Not true 😅😅😅
Who cares these can be the next Chena... LoL
Real people want neighborhoods, not skyscrapers, steel, cement and five mile trip to buy anything.
In recent years, the government has established many social housing complexes and transferred many slum residents to them for nominal rents. It has everything next to each other, and the government built everything in it, even places of worship, including mosques and churches.
I'm interested in why they chose to build so much at once. Interest rates and construction costs have exploded since this project was started. I don't understand how you can budget for that.
Egypt has a history of national projects and national efforts. Some had been great successes like the high dam in the south, Eradication of polio, and most recently free treatment for Hepatitis C (ElSisi era project). ElSisi is trying to trigger nostalgia by announcing national projects which initially gave him massive public support before backfiring.
Agree, it should be built gradually
It will be more expensive to build gradually, especially we are in high interest rate era.
More likely to make it more stable. Government staff will need residential buildings, and their families will need work/offices. These relocated people will look for dining areas, shopping, and entertainment areas. These kinds of city buildings usually happen in big phases and also coordinate with private-funded blocks to synchronize construction timelines.
When your in power you gotta make the best out of it. And thats money. There will be cuts for all the important decisions makers and the military. The bill goes to the poor. Old story.
‘’Egypt Army’’ stepped In 😢🫣 oh Great people of Egypt 🇪🇬 you will become like us ☹️😞. ❤️ from Pakistan 🇵🇰
One problem is that, when it comes to future Egyptian population growth, 6 million is barely anything. Egypt is expected to have over 200 million people by the end of this century, meaning their population will almost double despite already being very densely populated. Is Egypt doing anything else to offset the huge demographic problems that are coming?
6 million people being settled in a new city is good, but it's still a small number compared to the almost 100 million additional Egyptians projected to be added to the population in the next 85 years or so.
Smart man .. Egypt has built more than other 20 cities beside the adminstrative one and continue to build a new 24 ones .. revise your info
@@EsLaMMOUSSA Are you suggesting that Egypt is on "the right track"?!
Having visited that trashy country on several occasions, I can tell you FIRST HAND, it's going the WRONG DIRECTION!
Dwindling water resources, failing monetary policies, inflation wrecking the country, housing becoming a dream for the youth...
EGYPT IS HEADED TOWARDS DEVASTATION! IN THE GARBAGE BIN OF HISTORY! (Elect sorry leaders get sorry results!)
The population itself isn't the issue Sam, the main issue is Egypt's climate mixed with its dwindling water resources and pathetic government.
They seem to not be aware that unless they make a deal with Congo to set up a new artificial river from Congo River to Southern Egypt, the country is actually permanently drying up with zero water resources to feed or offer their people fresh water...
@@EsLaMMOUSSA yeah, with the money of the gulf countries....this money is not going to run flood forever....
@@janjan55555 its not as easy as you make it sound. First of all, its not an artifical river from congo to egypt (3,500km) because that is just crazy. The proposed project was to connect the congo river to the nile river (still a monumental engineering feat); but that requires the consent of four countries downstream who don't have a water crisis or any other economic incentive, and lots of engineering work would be needed to avoid floods in south sudan and to protect the sud. It could happen only if there is enough research and an economic incentive to convince congo, uganda, south sudan, and sudan to support this project. A more realistic solution for Egypt's water crisis is to invest in seawater desalination like other desert economies in the middle east and north africa. It is getting cheaper every year. Another solution is to import more food - but that requires improving the economy to be able to afford it. It will also require Egypt to invest in other African countries who have agricultural land so Egypt can diversify its sources. Egypt's overreliance on russia & ukraine for food imports hurt Egypt more than any other country in the world when their conflict broke out.
Sad to see Egypt making the same mistake that Brazil did with Brasilia.
There are no opposition parties there, or a chance to say you mind against the ruling system.
you will got arrested
What's the mistake with Brasilia?
@@theemirofjaffa2266 indeed its the most successful move of a capital in modern times.
Hope that's sarcasm.@@Infernal_Elf
Entire history of socialist architecture, from Ville Radieuse, to Brasilia, to American section 8 housing in NYC is a failure. Socialists dominate academics, especially architecture. More socialist failure to make the world even more miserable. Only thing its good for.
I've been to Cairo, and to Sisi's credit, they needed something. I don't think there is any way to really fix Cairo. Its a nice city don't get me wrong, but there is no easy way to update it, and it would have cost way to do so that building this place. I get the fact that it has other benefits, but still.
I think Cairo should be left as it is he made the right decision on that it’s so old and historical so you can see the real Egyptian culture and history if you decide to visit as well as the Nile river
Seems fair.
My only quibble is my spidey sense always goes off with expensive construction projects. They are famously fraught with corruption and skimming.
Egypt doesn’t need to modernize its city, instead they should maintain and build stone structures to keep the history alive. Not every country needs to look like the west or Dubai.
Well, if you're into history, you may have noticed dictators are always into perception building, and Egypt is no exception to it. That, and the glitzy projects are also an attempt to legitimize their dictatorship by calling it 'progress'.
Actually every country should have a new modernized administrative center especially for international business, that doesn’t mean neglecting the organic growth of the rest of the country
Not every country need to experience the best life just like the west do you mean to say?
😂😂😂 jokes Arabs can never built what African kemetic ancestry did
Yup, only let west the best life.@@George-zd7mu
I was born and raised in American but most of my family is in Egypt and it breaks my heart when I talk to my cousins and they have no clue about the true intentions behind the capital. The propaganda is so powerful that even the people unable to eat are celebrating the capital. I’m really afraid that the truth about this capital won’t be realized until it’s to late 😢.
Aja and what is the true ?
@@elintocable0072 It is being built for several reasons. In no particular order and missing out smaller reasons:
1) To ensure the government is isolated and protected from any riots or rebellions.
2) To siphon off billions of dollars to the elite and the security forces.
3) For vanity.
@@elintocable0072 the primary purpose of the capital is to get the president and his loyalists away from Cairo while also placing a massive desert and ten military check point in between them. He knows his poor management is going to lead to massive food and water shortages and with an enormously high inflation coupled with his corruption and refusal so leave office another revolution will be likely and he wants to make it impossible to be overthrown.
I am from Egypt and no.
We are as a people very cynical about literally everything out government does and distrust it
Being born and raised in America has created the real problem for you, otherwise the project of building Egypt's new capital has nothing to do with your worries about this futuristic master plan.
Great vid
Building people is more important than building huge cities
AS an Egyptian young man who lost his life due to bad planning and the control of Egypt by corrupt people and thieves
I say unfortunately that there are millions and millions of geniuses, young and old, who were not benefited from, and whose lives were deliberately destroyed
The most ancient people in the world have been exposed to tragedy since 1798 Until now 💔
بناء البشر ازاي ياريت توضح
You lost your life? How on earth did you manage to post a comment on UA-cam then?
When you are a young university student, you have spent 25 years of your life studying, and in the end you need to work 17 hours a day for 30 years to pay for a 60-square-meter residence.
In a random area
So you live dead
Whether you write on UA-cam or not
@@theemirofjaffa2266
@@theemirofjaffa2266😂
it's his after life soul comment😅
Abuja, Nigeria, was built to decongest Lagos and provide development to central Nigeria. It worked very well. Abuja is now the administrative capital, and Lagos is now the commercial capital hosting the country's stock exchange, oil companies and banks.
Yes but not borrowing billions to start new city
Nigeria problem is over population…Abuja is getting crowded too …it looks like Lagos in some areas ..the traffic too …Egypt problem is the military and,gov borrowing money to build city …
similar story to DC which was built well away from the major population center of NYC and the economic center of Philadelphia. Until fairly recently it was a wide open area with buildings spaced fairly far apart with plenty of open parks, and wide roads all to prevent congestion and ease things like travel.
Only a fool thinks this is to decongest anything. This is simply to consolidate power and solidify dictatorship.
Have you been to DC? LOL@@arthas640
Meanwhile, millions of folk in Cairo don't have basic services like trash removal, electricity or clean running water.
فعلا
Everyone in Cairo has clean running water and Electricity
Nice video, i would have liked to see some video of what its like now though
Every autocrat loves grandiose projects that requires the people to sacrifice and suffer!
True
Cario is in rough shape.
Sometimes it is cheaper
in the long run to build
new, from the ground up
infrastructure.
@@here_we_go_again2571 do you think ordinary people can afford those new cities? except for the military and cronies but they are to few.
@@alfonstabz9741
The old infrastructure (buildings, etc.)
now being used by the government
will be repurposed. In NYC unused
office buildings are being rebuilt into
apartments. The same will happen
in Cario
@@here_we_go_again2571you seems to don't comprehend the situation. if the government create another city then they expect people to live their not in the old city. new york did not build another city it renovate the city exactly what i'm talking about. the problem with egypts new city is it's cost of living people in cairo can't afford to live to the new city. I wonder who lives to the fancy new city if government transfer to the new city that ordinary egyptians can't afford?
WSJ video team is on a roll.
Here's an idea: *Just develop the current capital.*
The irony of those construction workers helping to build a base of power safely away from them when things turn for the worst is too amusing.
Well they are getting paid according to their input.
Nice video. Thx.
let's be real, it's a global influence city for the Suez canal
Egypt can't stop building huge, pointless mega peojects
Pyramid was dope tho
@@PfyzerFacts
No
The Pyramid wasn't pointless , and i think this one wouldn't be
Interesting timing indeed. But can't argue with the entirety of these facts in the video.
All the Egyptian government have to do to populate the new city is rent out the new buildings and apartments to people and businesses instead of asking them to buy them outright. Since the prices are clearly out-of-reach for most Egyptians, it seems like a more sensible financial solution than letting these new apartments and buildings stand empty and accrue costs in maintenance and general upkeep.
Maged Madnor is a clown and he tells lots of misinformation and hide the truth..
The government is already doing what you said and they build a massive district in a close by city called Badr city. Also Shorok city and Obour city and new Cairo all linked with light electric train and soon the monorail.
The new capital is literally side by side with new cairo (el tagmo3) if you focused on the picture they alway make it like it the dessert between the new capital and old cairo.. Which is not true, their is (new cairo) and they put it in when they review the satellite images 😂
I mean, if i had to guess, rent will be a solid 20k or 30k egp, and if you aren't from egypt, that's basically like higher then about 90% of people salaries in a whole month
But where's the margin in that. This is Egypts famously corrupt military mafia - they don't do anything except for graft.
When the people in Egypt revolt they will most likely be in cairo while the government will be far here with little population not giving a fk
Looks like Egypt has to go to Hammer for a Financial Audit special edition.
Thanks!
The workers currently commute daily between their homes in Cairo and the new capital. They can't afford living in the new capital. Yes it's a capital for the rich.
Its a bit amusing seeing how Egypt could sport enough rich individuals (by even global standards) to live in this city given that the country has been going through an economical collapse for the last 10 or so years. Makes you wonder how rich individuals actually obtain their money in such a poor country...
They built a monorail. But for the street sweepers and servants it's a long bus ride I guess.
$20k is over 800k pounds. I am pretty sure no government worker, street sweeper, service worker or most blue collar workers can afford it.
@SemperFidelis76
The lowest figure you quote is well beyond the what the average street sweeper can afford.
that's how it is in cairo as well. low-income workers commute to cairo from nearby towns by the millions every day to work then travel back home. high income workers do the same thing (living in luxurious cairo suburbs instead of the crowded city). I think that is how it works everywhere in the world.
Look on the brightside, if another countries wants to obliterate their entire gov they only boom one little spot far far away from the vast majority of the populace completely avoiding civ casualities.
Are they doing their populace a favor, themselves a favor or both.
I just can't seem to see a major downside.
I can tell you're american
This is a very good quality video!
interesting time to upload this.
sounds like a way to prevent revolution haussmann style
We're happy about our government and we don't want a revolution anytime soon.
@@aminelkasaby1021 with how your horrible dictator has been running that country I guarantee you you will get that revolution soon. I know you won’t be happy because you’re profiteering off Sissi’s corruption.
Same situation in Pakistan where Army is involved in most businesses. They are the biggest Business empire of Pakistan right now and the biggest landholder. They can do everything apart from doing their original job. Please learn from Pakistan. Your country will have no future when Army will act as the biggest business group and the biggest mafia. They will drag the whole country down and talented people will leave that land.
Could’ve put that $58 billion into massive improvements for Cairo, but that would’ve benefited the people over the military and political leaders. It’s a total disgrace.
Welcome to the middle east
Great idea 💡? Egypt 🇪🇬 new city 👏? A lot of companies will be interested. I support this development + project 🎉
if it doesnt make financial sense, Egypt can start with a small business district that caters to demand, then eventually grow, creating organic demand is critical
It's no surprise at that. This report comes up now. Because US is pressing egypt to open the border for Palestinians. And this report surely put SiSi under pressure.
@@driftershu haha cud be idk, I think egypt can make this successful if they can manage it with low debt and increased tourism, more relaxed laws etc
Why do you say that?? Was citizens rights honored under the garbage Muslim Brotherhood's rule????!!!!
I study at Egypt 2012-13 ,Egypt has potential to be a better country in Labor&Sport
I went to the Egyptian city of Sharm El Sheikh and the Egyptian islands such as the Egyptian Tiran Island, the Egyptian Sanafir Island, the Egyptian Pharaoh Island, the Egyptian White Island, and the Egyptian Githum Island in the Red Sea, and all the islands in the Red Sea that are completely Egyptian are more than wonderful. Long live my sincere greetings to Egypt and our Egyptian neighbors from Chad👍🏿🇪🇬 🇷🇴❤
🌹🌹🌹🌹
Those islands were sold to Saudi Arabia in return of $7 billion.
Thank you very much.
@@israelisreall free Palestine 🇵🇸
@@lvi25nothing is sold those islands are still under the Egyptian government control till this very day
Something about autocrats and love of mega projects, going hand in hand :)
Egypt: US has the pentagon, I call ours THE OCTAGON😂
Приветствую со всей любовью и уважением великий египетский народ и желаю успехов, успехов и развития в этой исторической стране.🇪🇬❤️🇷🇺❤️
да пусть другим туристам орехи по 5$ продают, которым цена 50центов
🇪🇬❤️🇷🇺
Love Russia from Egypt 🇪🇬 ❤🇷🇺🇷🇺🇷🇺🇷🇺
@@RandomEgyptianDudeur Egyptian right be careful wsj is controlled propaganda and there pro-isarel. Don’t fall for the lies like the Arab spring
Every new project has people speaking about it based on their relation with the project pioneer
Good morning from Papua New Guinea. I enjoyed watching your contents
I work in the new capital and apartments are being sold in installments, so the middle-class families can afford it not only the rich, yes the new capital coasted alot of money, but a lot of people actually like it and can't wait for it to be finished! this will be the future of Egypt
Nobody likes it, most Egyptians are aware of the fact that this new city is the main reason that caused the currency's decline, rise in prices, and power cuts.
Like arent the installments gonna be like 30k wla 7aga? 😭😭who has that money
2allak middle class 😂@@eagle-el6px
The fact that they've spent billions of a cash-strapped country's budget only to build a car-centric new city for the rich is simply infuriating. Are there even plans for a railroad to help the thousands of public sector employees who'll need to commute from Cairo every day? I mean since clearly most of them won't be able to afford housing in the new capital
Railways have already been built linking the governorates of Egypt to each other, but also what will you gain from the railway? Egypt’s problem is congestion. Cities must be built, and if you build cities, your economy will suffer. It's complicated
Imagine that money was spent working with russia on building Moscow level metro system accross the country in every city, affordability, mobility of workforce would massively improve life quality and worker efficiency and thus economy
Cost overruns in construction?! Wow, what an unexpected surprise!
I thought this was a screenshot of downtown Night City for a moment
And suddenly the wsj has interest in Egypt😂😂
因为建设公司是中国公司😂😂😂
Because US bomb is coming
See the number of views .
I have been asking this for a long time now. As a Nigerian, this made absolutely no sense to me.
This is the kind of hole that once you start digging you must not and can not stop, even if you realize it was a big mistake, you have to see it to the other side.
EnshaAllah they bloom again. Egypt Blooms Again...❤
All that money could have been used to improve Cairo's infrastructure.
Imagine creating a city in the middle of a desert
That's what Las Vegas is.
@@carultchis American capital in las Vegas? it is not even one of the most important cities, it's just famous
@@YourFuhrer1933No, Las Vegas is not the US capital. The US capital was established in Washington DC, long before the US even discovered the land of Las Vegas.
They put the US's national capital in a place that was centrally-located among the original 13 states. Maryland and Virginia donated land that was specifically set up not to be a state, to host the national capital.
"In 2020, the average urban income per household was just over 2600". A Day? Month? Year? Millennium? Wow. Kinda important.
year
I would go insane if i had to drive in circle like that to get from my place to work ect. Instead of a strait line
Aincent Artifacts under Cairo is a reason why Old Town Cairo is under threat who knows even Cleopatra Alexander might be located below it
I have been in egypt once. I dont know anything about their economy and stuff like this. But whene i saw Kairo for the firt time i fully understood why their govermant want new city lol. But there is no way that Egypt can afford this.
Big desert city plans seem to be a theme in the 2020's
As a highly educated Egyptian. I insure that egypt didn't pay anything for the construction of the new administrative capital. It was built purely by private investors.
When it sounds too good to be true, it probably is. This project does nothing for the Egypt's economy.
@@ponyclub3198
How can it not benefit and it is something of nothing??
Egypt has potential to be an industrial and manufacturing hub for the world, due to abundant workforce. Unfortunately most of the money is wasted in extravagant projects like this one designed to serve the government and its cronies
from this type of project, ruler can earn lot by sharing %
neh, Egypt is too overpopulated, all its sustainable land is covered in residential or in (necessary) fields. Where will you build the factories ?
It would be paying for this for decades to come
That’s what so many people fail to realize, this is a long term investment that will ultimately build up the young talent Egypt has and accelerate innovations in science, technology, trade, logistics, agriculture and resource extraction
the Voxification of journalism
No matter the county, the military really enjoys some shapes
Love to see how governments feather their nests, at the cost of everyone and everything else.
It looks like something North Korea would come up with.
They're learning from the US
Except the US actually has money
There is literally 1 expert in this video.
Seems they can and its comming along pretty well
Master planned city still dependant on cars.
*chefs kiss*
I just concluded my second--yet more in-depth--tour of Egypt and listen...that country has the potential to rival Saudi Arabia in the 21st-century tourism game. With the historic sites and cities (Giza complex, Luxor, Abu Simbel, Sharm el-Cheikh etc.), the new museums to include the Grand Egyptian Museum, and GREAT human infrastructure to meet multiple foreign language demands (my tour guide knew Russian in addition to English), Egypt will rival PARIS one day.
Yes, the investments are massive for this new planned city (I wanted to go check it out for myself but became lazy towards the end of the trip). Yes, there are massive societal problems that need to be met. Yes, there's a constant over-emphasis in the security sector. Yes, there's a need for great industrialization. But man...if there's one country I would not bet against going forward, it's Egypt!
Exactly, once this mega city is finished then people will see a city with skyscrapers, rich Neighborhoods, and nice restaurants. This will make the New capital like a new Dubai to them,so they will visit it. That will make the tourism go way up and grow the economy. Plus the historical significance it has. Egypts economy will grow rapidly
@@Mlz_clips😂😂😂😂😂😂😂😂
@@cavebabybezerkers why you laughing
@@Mlz_clips Because yall time is up and justice ⚖️ is here. Yall gotta go with yall father. Or jihad it is
Egypt is building a new capital for $58 Billion, meanwhile Microsoft bought Activision for $69 Billion. How that deal was allowed to pass still baffles me.
Because Microsoft isn't anywhere near the largest game company
🍎 and 🍐
Because Microsoft owns Xbox, one of the big gaming companies.
Get an education in economics.
Makes much more economic sense than buying Twitter for $40 billion.
I could have shortened this whole video: they can't afford it because 58bn is a lot of freaking money.
Dang they live in the valley Alley thats wild thats alot of people in a small line realy
This is simply Pakistan on a tight budget and without Imran Khan.
Chinese-built tower lol. Good luck Egypt.
Poking fingers in other people's business. Really fair and balanced reporting.
Good Egypt 🇪🇬💪🏻💪🏻💪🏻
Missing from the conversation is that Egypt rakes in billions of dollars in real estate exports, with foreigners expected to spend about $140 billion dollars on buying up luxury real estate in egypt over the next 3 years (including real estate in the new capital). But the government should not spend on business opportunities like this. They should leave itto private investors. Government should focus its spending on infrastructure only (roads, trains, power, water, etc.); and let private investors pay for building construction & management costs. Government should immediately sell as many economic businesses as they can to the private sector to solve the debt crisis. They will still get taxes on any profits made by these businesses without carrying the responsibility for financing & managing these projects inefficiently.
Lol cope, why would the rich spend money on a sh*thole like Egypt when there are comparatively much nicer and safer options in the middle east. I can understand if Egypt had some sort of scheme where foreign residents' aren't taxed on their worldwide income, but that isn't the case.
How can Egypt hope to compete with the likes of Dubai, Abu Dhabi, Doha, Riyadh, etc. when these places are seeing their own real estate oversupply issues. The demand for real estate in the middle east just isn't sustainable.
Where did you get the number from im curious to know, 140$b is not a small number
It is corruption. The Egyptian government is getting involved to steal from the Egyptian people.
@@abdullahemad9457 he made it up
@@kingsimba9513 real estate is not in oversupply in egypt. not even close to it. egypt has been a net immigration not a net emigration country since 2016 btw.
I went to Cairo last year and was taken aback at the levels of poverty. It is criminal the military government spend tens of billions on vanity projects when Egyptian people live in poverty
I visited Cairo for just 1.5 hours 😅 in September 2021. Soon as I landed, I took a taxi to Giza. I had to Uber to Cairo for my cameras accessories, but wen back to Giza after it's done. The constant traffic honking gave me a headache, I cannot stand it. I traveled all over Egypt for 30 days, including the Sinai beaches, hike up the Moses mountain at midnight. Dahab is actually a nice tourist town.
And you didn't notice how cairo is crowded and how it's terrible and full of building jammed together?!
You didn't notice also that this project will provide jobs for the poor and allow them to sell expensive houses, tourism... Etc
@@engmsh3544 sure I noticed it, it's why I avoided it, the non stop honking is terrible. I prefer Alexandra, it has traffic but not as bad
Wow, you just described Russia, where I'm from😂
Indonesia is also building new capital in Forest rich island of Borneo they suffer almost the same problem as it has attracted zero investors.
Interesting
Why continually saying "US designated terrorist group Hamas". It is a world designated terrorist group.
This is one of those things that will pay off on the long run the new capital is beautiful and lines in with other modern cities in gulf states they won’t have a shortage of people willing to invest and buy property there even from abroad which will bring more money into the economy and help pay back the debt also will attract a lot of tourists it’s also a pretty secure investment since the government itself has moved there along with all the different ministries which shows they are commited to finish this no matter the hurdles and costs, also they have approved a new building which is expected to start and be completed by 2030 which is expected to be tallest building in the world expected to surpass the burj khalifa and the anticipated Jeddah tower if they manage to pull that off the new city will pay for itself 10 times over in no time
well, will this be same with IKN project in other country?
In the US the cost of a new city will be $700trillion and 100years of labor..
It's almost like we pay our employees livable wages
New Dubai Is being built in Africa
Well done Africa Well Done Egypt
Love and Respect From India 🇮🇳
You can do it Egypt, a beautiful new city.
“And it will have the biggest park in the world” wooww 😂 that sounds enticing to people who are struggling for water
narrator literally went "egypt needs to put its human rights progress in the backseat in order to solve the human rights progress in Israel"
I lived in New Cairo for a while. It was much better than the old one.And I am from China.
the same as the new capital of Indonesia. we don't have money, the government hopes for foreign investment and if not they will use tax money from the people where we don't need this new capital
With a megalomane project in the middle of the desert I start with two questions: 1. So where's the water and food coming from feeding this entire city? and 2. so where are the cleaners and garbage collectors going to live?
Water coming for pipes from the nile and Egypt built massive water recycling treatment for agriculture wast water.. And water destination.. Search their projects.
They have sectors in the new capital for different classes and they also are very close to multiple cities with economy and middle class housing
Also they link it with the the rest to cairo with mono rail and light electric train and buses..
I travelled Egypt recently for 2 weeks and the people really don’t have much
“US designated” terrorist group??? 😂😂
the terrorists calling others terrorists never ceases to amaze