Egypt's Dubai envy won't save its economy - David's Harp - Israel News | Haaretz

Egypt's Dubai envy won't save its economy - David's Harp - Israel News | Haaretz:



"Two weeks ago, while Israelis were debating which party's program was more likely to solve the housing crisis, in Egypt, the government was unveiling a plan that makes Yair Lapid’s "zero-VAT" plan and Moshe Kahlon’s designs of wresting control over the Israel Lands Authority look like the work of munchkin apparatchiks with little vision and even less daring.



The plan, unveiled by Egyptian Housing Minister Mostafa Madbouly at the Egypt Economic Development Conference, is to build a new capital in the desert east of Cairo, no less. And not just a capital, but one of superlatives. In 10 or so years, if the plans keep to schedule, the as yet unnamed city will house between five and seven million people on a 700-square kilometer site.



Building the new city will probably come to about $80 billion. Just moving the government to its new home will cost $45 billion."



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