Egypt and China Railway Group Limited (CREC) have signed Wednesday a memorandum of understanding to implement two projects in the Egyptian new administrative capital city.
CREC, one of the world’s largest construction engineering contractors, will carry out six governmental buildings and the Olympic park in Egypt’s new capital city.
Egyptian Housing Minister Moustafa Madbouli has signed a memorandum of understanding with CREC’s regional director for the Middle East region.
The company will execute the buildings on an area of 214,000 metres square; while the Olympic park is planned to reach 2,000 feddans.
The Chinese company is responsible for creating the initial designs within three months of signing the MOU that stipulates that the Egyptian government contribute to 15 percent of the works.
The project is expected to be completed within a time span of 30 months.
CREC has history over 100 years. The company is a mega corporation group integrating survey and design, construction and installation, industrial manufacturing, real estate development, resources and mineral products, financial investment and other services headquartered in Beijing, China.