Egypt denies Chinese CSCEC withdrawal from new capital’s tower project

Chinese State Construction Engineering Corporation (CSCEC) has not suspended the implementation of building the central business district of Egypt’s new administration capital, Egypt’s housing ministry said.

The Chinese construction and real estate conglomerate has not withdrawn from the tower project, the ministry said, adding that the construction works are going ahead according to its timetable, according to the Media Center of the Cabinet’s report.

The contract of a 21-tower project, including housing, commercial, and administrative and services towers along with a 345-metre tower that could be the tallest in Africa, was already signed with CSCEC, the housing ministry noted.

The ministry previously noted that the project would be completed by the end of 2020.

In mid-December, Egyptian officials told Bloomberg News that Egypt’s negotiations with Shanghai-listed China Fortune Land Development Co (CFLD) for its $20 billion project in the New Administrative Capital went sour.

The two-year talks between both parties have gone nowhere over disagreements on how to share the project’s revenue, the New York-based news agency reported, citing the sources.