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Thursday, 26 October 2017

CFLD to receive full approval to develop 14,000 feddans in new capital in November

Chinese companies continue to tally wins in Egypt: The New Administrative Capital Company for Urban Development (NACCUD) plans to ratify China Fortune Land Development Company’s (CFLD) agreement to develop 14k feddans in phase one of the new capital on 1 November, NACCUD’s chairman Ahmed Zaki announced on Wednesday. While he did not mention any price tag for the agreement, we had noted back in July that CFLD planned to spend USD 4 bn developing parts of the new city over the next five years, a figure it plans to increase to USD 13.5 bn over the next ten years. Zaki did note that CFLD would seek out a USD 2.5 bn from the Chinese government to fund the investment, according to Al Mal. The news comes after announcements earlier this week of other big infrastructure wins for Chinese outfits.

Separately, Zaki also noted that the UAE’s Emaar Properties has applied to develop 1,500 feddans. The two sides are in talks about pricing. NACCUD also plans to launch a tender on the same day for consultancies looking to design and install smart city systems and data collection systems in the new capital, government sources tell Al Borsa.

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