Chinese company eyes establishing new industrial city in Egypt

China Fortune Land Development is keen on investing in Egypt through studying the possibility of establishing and managing an integrated industrial city on 30 million square meters, the minister of industry Tarek Qabil said Wednesday.

Tarek Qabil made those comments after the meeting that was held with the Chinese company’s Vice president, Zhao Hongjing, in the presence of the Egyptian minster of investment Dalia Khorshid.

The new industrial city would also include residential buildings, schools and services along with an industrial zone.

The minister asked the company to draw up a comprehensive plan of the zone including all the the financial costs and submit it by the beginning of September 2016.

China Fortune Land Development is China’s leading new industrial city operator. By the end of 2015, the assets of CFLD had approached RMB170 billion.

It’s principally engaged in the development and construction of industrial towns, and the development of urban real estate.

Moreover, The Company’s industrial town development and construction businesses include land preparation, infrastructure construction, industrial development services, public utility services and development of ancillary residential apartments and the major customers are local governments.