Government and business leaders from across the world participating in the three-day Egypt Economic Development Conference pose for a group picture. (SPA)

Egypt’s new administrative and business city, on the outskirts of Cairo, has been revealed on a new website.

It says the city will house up to five million residents and be built in the corridor between Cairo and the Red Sea.

There will be 1.1 million housing units and 1.75 million permanent jobs, BBC reported.

The city is set to be officially unveiled at an Egyptian government conference at the Red Sea resort of Sharm El-Sheikh, to global investors and politicians.

The website — unveiled on Friday — says that “the masterplan is to create a global city with smart infrastructure for Egypt’s future, which will provide a multitude of economic opportunities and offer a distinct quality of life.”

It will be built over 700 sq km — about the size of Singapore.

The website says the city’s site “is situated along the corridor between Cairo and the Red Sea, providing linkages to significant shipping routes. The city is bound to become a focal point of the Eastern Cairo region.”

This came on the sidelines of the three-day Egypt Economic Development Conference that began in Sharm El-Sheikh on Friday.

General Electric said it would invest $200 million in a manufacturing and training facility which it sees as part of an economic hub being built near the Suez Canal.

It also said it had delivered 34 gas turbines to Egypt as part of a $1.9 billion power project.

Egypt also expected to sign several memoranda of understanding at the conference, including one for the construction of a new administrative capital with a price-tag of about $40 billion, Salman said.

President Abdel Fattah El-Sissi has won praise from foreign investors by cutting fuel subsidies that imposed a heavy burden on the state and by implementing other reforms.

He told the conference that his vision for Egypt’s economy centered on improving state finances and encouraging private sector investment through legislative reforms and respecting contracts in order to achieve growth rates of six percent over five years and reduce unemployment to 10 percent.

The head of the International Finance Corporation (IFC), a global development institution, said he was encouraged by Egypt’s reforms but called for further action.

“We are happy to see that progress but there is a lot more work that needs to be done. The sign is positive, we need to see more,” Jin-Yong Cai told Reuters at the conference.

He said Egypt’s regulations, and their implementation needed to be improved.

On Thursday, El-Sissi ratified an amended investment law designed to create a one-stop shop for investors.

US Secretary of State John Kerry, in attendance with other top officials, pledged support for Egypt’s reform agenda.

“We will work with you to absolutely secure the ambitious and important goals that you have laid out here today. There is absolutely no question that the emergence of a strong, prosperous and democratic Egypt is critical for the development of a strong, prosperous region,” Kerry said.

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