CFLD to invest USD 4 bn over the next four years
INVESTMENT WATCH – China Fortune Land Development Company (CFLD) is at it again and looking to invest USD 4 bn in developments in the New Administrative Capital over the next five years, according to an Ittihadiya statement picked up by Al Borsa. This latest wave of mega investments from CFLD will be geared towards developing industrial parks in the new capital, a specialty for the company.
So what exactly is going on with CFLD’s investments? The offer, which was discussed at a meeting between the ministers of investment and housing with President Abdel Fattah El Sisi on Tuesday, will supposedly bring CFLD’s investments in the new capital to USD 13.5 bn over the next ten years. This would essentially mean that the company may have lowered its projected 10-year investment from USD 20 bn, as we have heard numerous times since the first pledge was announced last year. We’ve heard, as recently as last May, that the company was still looking to invest the USD 20 bn — geared towards developing 14,000 feddans in phase 1 of the new capital — and that it would sign a contract soon.