President Teodoro Obiang Nguema inaugurated Sipopo city on Sunday, congratulating his government and construction companies involved for completing “such an emblematic city in a record two years”, it said.
Sipopo counts 52 luxury presidential villas, a conference hall, an artificial beach, a golf course and the French luxury hotel Sofitel, it added.
The small west African country is sub-Saharan Africa’s third largest oil producer and has launched an ambitious construction programme financed by its petro-dollars.
Obiang Nguema chairs the continent’s African Union and will host its summit from June 29 to July 01. The country will hold the Africa Cup of Nations in 2012.
Equatorial Guinea is home to around 700 000 people, who are mostly poor despite the country’s oil wealth.