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China property company CFLD has been awarded the contract to build a new administrative capital city in Egypt. The new city will be located between Cairo and Suez and, once completed, the new administrative capital will serve as Egypt’s new political and financial centre and will effectively drive the development of the Suez Canal Economic Belt and the Red Sea Economic Belt.
According to the company: “The Memorandum of Understanding (MOU) signing ceremony between the President of CFLD International Zhao Hongjing, Mostafa Madbouly, Egypt’s Minister of Housing, Utilities and Urban Development and Dalia Khorshid, Minister of Investment in Cairo, was witnessed by the Egypt’s Prime Minister Sherif Ismail, the Minister of Petroleum and Mineral Resources, the Minister of Trade and Industry and other officials, announcing that CFLD will build a new industrial city in Egypt’s new administrative capital.”
In September 2015, China and Egypt signed the China-Egypt Industrial Capacity Cooperation Framework Agreement. On January 21, 2016, Chinese President Xi Jinping met with President al-Sisi, with both sides signing bilateral cooperation agreements in areas such as energy, infrastructural construction, economic trade, energy, finance and aerospace. A series of major national strategic projects mirroring China’s ‘One Belt, One Road’ initiative was also launched in Egypt, attracting a growing number of Chinese enterprises to be part of Egypt’s national major projects.
According to the terms of the MOU, the phase two of Egypt’s national strategic project – the new administrative capital initiative – will see CFLD integrate urban planning, construction and management of the new project’s development “within a sustainable ecological environment.”
“The establishment of this new industrial city in Egypt is undoubtedly an important step in the global deployment of CFLD’s new industrial cities. The signing of this MOU is another positive result of “the One Belt and One Road” strategy. It is of great significance to deepening China-Egypt industrial capacity cooperation and promoting regional economic development,” said Zhao.
