Chinese company to spend US$20 billion on Egypt’s new capital east of Cairo

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The pyramids are illuminated during New Year’s day celebrations on the outskirts of Cairo, Egypt, January 1, 2016. Photo: Reuters

 

China Fortune Land Development Co. Ltd. (CFLD) has signed a deal to develop and manage 14,000 acres (5,700 hectares) of Egypt’s new administrative capital at a cost of US$20 billion, the Egyptian cabinet said in a statement on Monday.

The new capital is one of a series of mega-projects announced by President Abdel Fattah al-Sisi designed to attract foreign investment and create jobs in a country with a booming population of 91 million. Continue reading