Chinese real estate company to build city at new administrative capital

Prime Minister Sherif Ismail attended the signing of a framework agreement between the Housing Ministry and Chinese real estate developer China Fortune Land Development (CFLD) for the development, management and marketing of 14,000 feddans at the new administrative capital.

The project will provide a large number of job opportunities during its three phases, with the first phase expected to be completed in June 2018 and attract $5 billion of foreign direct investments, Investment Minister Dalia Khorshid said.

An integrated city comprising educational, health, industrial, residential, commercial and recreational areas will be built on the land under the agreement reached with the Investment Ministry, which is tasked with helping CFLD get the required licenses, Housing Minister Mostafa Madbouli said.