The Abu Dhabi Municipality has contracted Dubai-based Emaar Properties to build a residential community in New Cairo, Egypt. The city is a gift from the Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, to Egyptian youth with limited income. Fully funded by a grant from the ruler, the $100m Sheikh Khalifa bin Zayed City will be built by Emaar's Egyptian subsidiary, Emaar Misr for Development, on a 200,000 square-metre site donated by the Egyptian government.