A TIP New Capital Entertainment has signed a contract with ACUD (Administrative Capital for Urban Development), to create a $20 billion entertainment district in the heart of Egypt’s new administrative capital.
Additionally, ITEC Entertainment Corporation (ITEC), has won the contract to provide the design, entertainment technology and management for the development of the new entertainment complex.
The new entertainment district is to span across 4,256 acres. The site has been under construction since 2015 and is to be built in three phases over a 7 to 10-year period.
The site is expected to comprise of themed hotels, 4 to 6-star resorts, luxury homes, a wellness centre, regional shopping and dining, a cultural arts centre, a convention centre, a sports stadium, recreational activities for children, a Formula One racetrack, and an entertainment college for training the future leaders of the global entertainment and travel industry, amongst other features.
The new site will also be home to the world’s tallest observation wheel, providing unique views of Egypt’s past, present and future, and the world’s tallest obelisk, an ancient symbol of Egypt’s cultural heritage.
Visitors will arrive at the district on a pioneering multi-modal transportation hub that will connect with the New Administrative Capital’s superhighways, infrastructure and high-speed rails.
Ahmed Zaki Abdeen, ACUD’s chairman, commented about how the partnership is a major milestone for Egypt’s development:
“Egypt sits at the centre of the world, as a cradle of civilization and ancient heritage. Today, Egypt enjoys one of the fastest growing economies; a robust population of over 100 million people with an educated, qualified and motivated workforce; and visionary leadership to move the country forward with powerful creative and business initiatives, such as the New Administrative Capital with ATIP’s Entertainment District centerpiece.”
Elsayed Zayan, ATIP Entertainment’s CEO, added: “Egypt is already a world-class and convenient travel destination. With the development of the smart New Administrative Capital, supporting infrastructure and a dedicated commitment to lucrative business outcomes, ACUD has welcomed ATIP Entertainment to share Egypt’s perspective for a bright future, featuring this premier travel destination venue.
“Together, ATIP, ACUD and ITEC Entertainment will honor Egypt’s past, leverage its present commitment to growth and prosperity, and build the future of recreation, culture, leisure, shopping and hospitality for the Middle East,” Zayan added.