Egypt unveils plan to build glitzy new capital(2)

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But if the dream is big, the bill will be bigger.

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The total cost is estimated at U.S. $45 billion, Minister of Housing Mostafa Madbouly announced at an economic development conference in Sharm el-Sheikh.

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The unveiling of the new capital was paired with a glitzy website with renderings showing a lush and technological urban scape of glass towers and pools.

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The plan is backed by a group that describes itself as "a private real estate investment fund by global investors focused on investment and development partnerships" led by Emirati developer Mohamed Alabbar.

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Alabbar made his name as the founder of Dubai's Emaar Properties, primarily known for developing the world's tallest building, the Burj Khalifa.

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Egypt is not the first country to plan on moving its capital from established big cities to rural greener pastures. Myanmar has only recently completed its move from crumbling Yangon to the new city of Naypyidaw. Nigeria moved to Abuja in the 1990's, and Brazil carved its capital Brasilia out of the wilderness over 50 years ago.

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And then there was another crazy idea of building a capital on a square of swampland that seemed mainly to be a boondoggle for wealthy land speculators at the time.

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That city? Washington, D.C.

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