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

More Mysterious Drones Spotted Flying Over Paris

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On Wednesday morning, Parisians awoke to news that there were even more mysterious drone night flights over the city. After a failed car chase to identify the pilots, authorities are still at a loss as to who’s responsible, and why.

French authorities received reports of 12 drone sightings late Tuesday night, according to Le Monde. Like other sightings in past months, last night’s UAVs were spotted over one of the French capital’s key landmarks, the Eiffel Tower. Drones were also reported hovering around three of the famed gates of old Paris. The Vincennes, Charenton, and Bagnolet gates are all located in the city’s east. Continue reading