Thursday, October 6, 2016

Chinese company in $US 20 billion deal to develop, manage Egypt’s new Capital City

In a statement on Monday, the Egyptian government said that a $US 20 billion deal had been signed with China Fortune Land Development Co. Ltd to complete parts of the second phase of construction of the 270 sq km new capital city.

At the time of the project’s launch in March last year the new capital city was dubbed as a ‘global city for Egypt’s future’ and ‘a city shaped by nature’, with a reliance on renewable energy.

The city, which will occupy 70,000 acres, will take 12 years to build and will be built to the east of Cairo near Ain El-Sokhna.

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