CONSTEC to buy lands for development at Egypt’s new capital in 2018

Egypt’s construction firm, CONSTEC says it plans to buy 50 feddans for development in the country’s new administrative capital by next year.

CONSTEC seeks to reach agreements with several property developers active in the new capital’s residential district, deputy managing director Talaat Fawzy told Amwal Al Ghad on Sunday.

“The company is considering entering talks with some developers to carry out contractor works in projects at the new capital in the coming period,” Fawzy said.

Egypt’s plan to construct a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors who pulled back from the country after the 2011 revolt against the government.