Beijing-based industrial city operator China Fortune Land Development Co., Ltd. (CFLD) has agreed with the Egyptian government to establish a giant project in Egypt’s new administrative capital city.
The Chinese firm will receive around 40 percent of profits from the anticipated project, while the Egyptian government will get the remaining percentage, Egypt’s Investment Minister Sahar Nasr announced Monday.
Founded in 1998, CFLD was ranked 11th in Forbes’ list of the best publicly traded big companies in Asia.
The Chinese company is looking forward to have Egypt as its regional hub in the Middle East and North Africa, the CFLD representative said in earlier statement in August.
Nasr further said CFLD will obtain the land to establish the project under a usufruct agreement that will end in an appointed timeframe, the minister denied to disclose.
Egypt unveiled plans for what it presented as a new administrative capital at an economic development conference earlier in March 2015, which was attended by 2,000 delegates from 112 nations.
The city will be built east of Cairo, between Cairo and the planned Suez Canal hub north west of the Gulf of Suez. It will include 1.1 million residential units to house five million inhabitants, as well as an administrative district on 550 feddans of land, with a presidential palace, ministries, government bodies, and embassies, as well as a financial district, according to the plan.