Story highlights The yet-to-be-named city will be roughly the size of Denver

Developers say it could eventually be home to 7 million people

(CNN) Forget the pyramids, Tahrir Square and the Nile. Egypt is ready to ditch Cairo and build a shiny new capital if the government has its way.

Fed up with pollution, traffic gridlock, a packed population with soaring rents and creaking infrastructure, Egypt is teaming up with a developer in the United Arab Emirates to build a city in what could be one of the world's most ambitious infrastructure programs.

The yet-to-be-named city will spread out over 150 square miles, or roughly the size of Denver, and could eventually be home to 7 million people, the developers and government announced Friday.

The current capital of Cairo, while full of history and vibrant charm, is home to more than 18 million people, and living in and getting around the city can be maddening and frustrating. The government says the idea is to reduce congestion in Cairo, which is projected to double in population in the coming decades.

An exact location was not announced, but the city is expected to be built east of Cairo. It will be closer to the Red Sea -- between two major highways -- the Suez and the Ain Sokhna roads.

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