Chinese company signs US$3 bn project in Egypt's new capital

Dated 2017-10-16, tagged under Infrastructure

Chinese company signs US$3 bn project in Egypt's new capital-OBOR Invest

 2017-10-13 11:42:48 Source: Belt and Road Portal By: Li Na

China State Construction Engineering Corporation (CSCEC) signed a general contract with Egypt's Ministry of Housing & Urban Communities on Oct. 11 in Cairo for involvement in a US$3 billion project for the country's new capital.

Construction of a new capital is Egypt's key project. Once completed, it will serve as the country's new political and financial center, effectively driving development of the Suez Canal economic zone and the Red Sea economic belt, while greatly alleviating population and transportation pressures in Cairo.

The CSCEC project is located in the core area of the central business district (CBD) in the new capital (Phase I). Covering 505,000 square meters, the project includes a 345-meter-high building, the highest in Africa, 12 office buildings, five residential buildings and two high-end hotels. The total floor area of the project is about 1.7 million square meters. The scheduled construction period is 43 months.

Egypt is a key country along the Belt and Road routes and the project is the biggest of its kind that Chinese companies have undertaken in Egypt so far. Its success will be a great example of Sino-Egyptian cooperation.

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