CFLD negotiations over new capital project stumble over profit share
New capital talks stumble on stake split? The New Administrative Capital Company (NACC) and China Fortune Land Development Company (CFLD) are deadlocked on how to go forward with a 14k-feddan city planned for Egypt’s new administrative capital. At the heart of the issue: The Chinese developer wants to a larger-than-initially-agreed stake, NACC Chairman Ahmed Zaki Abdeen said, according to Youm 7. CFLD wants more than 40% of the complex, which is expected to include commercial, industrial, residential and cultural districts, sources close to the matter said, according to the report. The Chinese company is now reviewing options offered to it by the NACC, which is why negotiations have stopped, said Abdeen. Yasser Hashem, managing partner at law firm Zaki Hashem & Partners, which represents CFLD, said in July the Chinese company was ironing out the final details of its contract for the project whose MoU was first signed in 2016.