Chinese company to develop Egypt’s new capital city

Egyptian investment minister Ashraf Salman signed Wednesday a memorandum of understanding with a Chinese company to develop the new administrative capital, reported the state news agency MENA.

This agreement was signed on the sidelines of President Abdel Fattah alSisi’s three-day visit to China, which targets boosting business cooperation.

Egypt launched in March a new administrative capital east of Cairo at the cost of $45 billion. It will take from five to seven years to be constructed. It will be located between Cairo and the Suez Canal region.

The new city will include 1.1 million residential units to fulfill the overgrowing population, which now amounts to 90 million people.

Source: Aswat Masriya