Egypt’s New Administrative Capital Company for Urban Development, a company in charge of developing the project, says its board will hold a meeting next November to allocate 14,000 feddans in favour of Chinese firm CLSD.
CLSD is seeking to obtain the feddans to build an industrial zone in Egypt’s new capital.
The anticipated industrial zone will represent 30 percent out of Egypt’s new capital’s total space, chairman Ahmed Zaki Abdeen said.
“CLSD is set to develop the industrial zone over 25 years, through obtaining a loan worth $2.5 billion from the Chinese government,” Abdeen further added.
The new administrative capital company has sold 1,200 feddans out of 5,000 feddans, the Egyptian official stated, referring that the remaining spaces are still available for the firms that are keen to buy them.
Located some 40km to the east of Cairo, the under-construction city is part of the government’s plan to expand urban areas to deal with the country’s rapid population growth and improve the nation’s infrastructure.
The new city will be a 270-square-mile hub with 21 residential districts to accommodate five million people.
It will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.
