China firm in $20bn deal for Egypt’s new capital

China Fortune Land Development to develop and manage 14,000 acres as part of the second phase of construction

Egypt’s new capital is set to be built to the east of Cairo. (Shutterstock)

A Chinese firm has reportedly signed a deal to develop and manage a vast area of Egypt’s planned new administrative capital city, which is set to be built to the east of Cairo.

China Fortune Land Development has signed a deal involving 14,000 acres of the city at a cost of $20 billion, Reuters reported, quoting a statement by the Egyptian cabinet.

The deal is said to centre on the second phase of the construction works and include the building of homes, offices and related infrastructure.

Egypt’s wider megaproject is said to cost some $45 billion and span an area the size of Singapore. Plans include buildings to house government departments, as well as an airport bigger than London Heathrow.

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