Sahar Nasr visits Chinese CFLD to discuss New Administrative Capital project

Negotiations have reached their final phase, signing contracts will happen soon, first phase implementation within a year, says Nasr

During her visit to China, Sahar Nasr, the Minister of Investment and International Cooperation, met on Monday with representatives of China Fortune Land Development (CFLD), a company specialised in the field of constructing new cities and real estate development in the Chinese city Ji’an. This happened on the sidelines of her participation in the One Belt One Road (OBOR) forum in China.

The Minister listened to a presentation from company officials about their activities and the most prominent projects they implemented across the world in the field of establishing and operating integrated cities, noting that the company has contributed to the establishment of about 50 cities across the world, with assets of more than $30bn. It has also employed about 15,000 engineers and technicians, making it one of the largest companies in its field.

Company officials have expressed their intent to invest about $20bn in Egypt over the next 10 years, including investments in the area dedicated to becoming an integrated city within the New Administrative Capital, through partnership between the private and public sector.

The company’s plan in the new capital includes establishing a smart village, a zone for technologically advanced and Eco-friendly environmental technologies, in addition to a residential city, as well as an integrated group of roads, utilities, and services that include schools, universities, research centres, and entertainment clubs.

The minister stressed that the new capital will help with improving the economy and urban development in Egypt, in addition to the improvement of government services offered to citizens, as well as attracting foreign investments.

The minister noted that her visit to the company comes as part of the activation of the aspects agreed upon during President Abdel Fattah Al-Sisi’s visit to China and his meeting with the company’s chairperson in Egypt.

Company officials have stressed their readiness to begin working in the location of the New Administrative Capital a month after signing the contract. The final phase of negotiations is currently taking place to sign the contract between the Ministers of Investment and Housing and the Chinese company. Both sides have agreed that the first phase of the project will be implemented within a year.