Last year, a special Ogilvy report, “The Velocity 12 Markets,” identified the fastest growing middle-class markets. These are markets where the middle class is forecast to move from a minority to a majority, transforming not only their own economies, but also having a significant impact on our joint global economic future.
Egypt, with over 95 million people representing 1.27% of the world’s population, was one of these countries; the country will experience a forecasted exponential growth of 25 million new middle-class consumers by 2025. The news then that a new ‘agricultural city’ is in development must be indeed manna from heaven!
A cooperation protocol was signed on August 15th between Egypt and the South Korean Korea-Arab Society (KAS) at a cost of $10 billion.
The city will be located in the southeast part of the Qattara Depression in northwest Egypt, an area well known for its salt pans and marshes, and close to the Mediterranean shore. It has the honour of being the second lowest point in Africa as well as being in close proximity to the extremely fertile Nile Delta.
Work on the 311,400 acre farming complex is due to be completed in a mere six months. Built by Egyptian workers and overseen by South Korean experts, it will utilise the latest technologies in both agriculture and construction to ensure that the development is as environmentally friendly and efficient as possible.
The city will contain 50,000 smart greenhouses, solar power plants, seawater desalination plants, fodder production facilities and specific cultivation areas for stevia – a plant based healthy alternative sweetener and sugar substitute.
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