ICEC

Three investment firms hope to get 20,000 feddans to invest in Egypt new capital

Egypt’s Administrative Capital for Urban Development (ACUD) says it is still negotiating with three major investment firms to obtain a number of land plots over 20,000 feddans in the new administrative capital.

The three firms are China Fortune Land Development (CFLD), Egyptian Talaat Moustafa Group Holding (TMG), and Emaar Misr for Development, the Egyptian unit of UAE property conglomerate Emaar Properties, ACUD’s spokesperson and public relations manager Khaled El Hosseini said on Sunday.

“The Chinese firm is in talks to get 15,000 feddans to establish a fully-fledged urban and industrial city in the new capital,” El Hosseini told Amwal Al Ghad.

CFLD, which is one of the biggest companies in the field of urban development, participated in building more than 50 cities in China, he said.

Emaar Misr is looking to attain 1,500 feddans in the new capital, while Talaat Moustafa is seeking to get 5,000 feddans in the city, El Hosseini said.

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