Egypt’s New Administrative Capital Company for Development entered negotiations with an unnamed major Chinese construction company to develop 14 thousand acres of Egyptian land into an industrial city. The Investment Committee in the New Administrative Capital Company will be handling the negotiations and evaluating the final offer. He praised the Chinese company saying it is one of the biggest companies in the world in development. Husseini pointed out that the current negotiations with the Chinese company involve agreements on the pricing of land as well as profit shares and investment shares. Husseini also said that the New Administrative Capital is negotiating with two real estate companies to acquire 1500 acres within the first phase of the New Administrative Capital, explaining these companies were chosen out of a large batch who presented offers to acquire over 1000 acres.

Source: Egypt Independent February 04, 2018 13:41 UTC