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Sunday, 14 January 2018

CSCEC invests USD 3 bn in development of business district in new capital

CSCEC invests USD 3 bn in development of business district in new capital: We finally appear to have a price tag for China State Construction Engineering Company’s (CSCEC) work in the new capital, as the company is putting in USD 3 bn in developing the business district. The construction giant’s area of development will also include the development of a 345-m tower (the tallest in Africa), said Housing Minister Moustafa Madbouly, according to Al Borsa. CSCEC had signed the contracts last October during the inauguration of the first phase development of the new capital after a troubled and prolonged negotiation period.

We still don’t have news about China Fortune Land Development Company’s expected USD 4 bn contract to develop an industrial zone of the new capital over the next five years. Reports had emerged that the company would sign for the projects last month.

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