CFLD to develop $4B factories in New Administrative Capital

CAIRO - 12 July 2017: China Fortune Land development (CFLD) will build factories in the new Administrative Capital worth $4 billion in the next five years according to Presidency Spokesman Alaa Youssef on Tuesday.

CFLD will also contribute in constructing the basic foundation in the new capital, reaching a total of $13.5 billion worth of investments within the next 10 years.

The company will also develop a smart city, a technological advanced industrial area, a residential project, infrastructure projects and educational and entertainment services in the New Administrative Capital, according to a statement by the State Information Service on Tuesday.

The company’s investments seek to develop a total of 7,319 feddans within 10 years.

This comes as part of President Abdel Fatah al-Sisi’s meeting with Minister of Housing and Urban Communities Mostafa Madbouly, Minister of Investment and International Cooperation Sahar Nasr, and Prime Minister Sherif Ismail.

Madbouly briefed Sisi on the current status of developments in new cities, mentioning that homes within the Special Social Housing Project are being finalized in New El-Alamein City and includes 5,000 residential units in the first phase.

He also added that a touristic/entertainment project is currently being developed at the coastal area of the city spanning over four kilometers. The project will include restaurants and hotels comprising of a total of 25,000 hotel rooms near the beach area.

Madbouly also informed Sisi of new developments in New Mansoura City that spans over 7,500 feddans overlooking the Mediterranean Sea. Approximately 40 percent of the city will be targeted for residential buildings while the remaining area will be used to construct services, roads, and greenery.

Sisi in return confirmed the importance of abiding by schedules of completion to provide an appropriate living standard for citizens.

The New Administrative Capital is the Government’s recent major project that spans over 700 kilometers and is located between Cairo and the Red Sea, set to accommodate seven million citizens upon completion.

In proximity to the new Suez Canal Economic Zone and the Ring Road, the new capital will feature residential districts, artificial lakes, educational facilities, hospitals, medical centers, mosques, 40,000 hotel rooms, a theme park, and solar energy farms stretching over 91 kilometers. There will also be a New International Airport, 18 Government Ministries, the Parliament and Foreign Embassies.