01 November 2016

China Fortune Land Development Company (CFLD) has entered into a deal with the Egyptian government to develop the second phase of the country’s new administrative capital east of Cairo at an estimated cost of $20 billion.

This investment comes on top of a $15-billion agreement by the state-owned construction company to finance 14 government buildings, a zone for trade fairs and a 5,000-seat conference centre, reported the USA Today.

CFLD will develop and manage 14,000 acres as part of the second phase of the new capital’s construction and draw in another $15 billion in new foreign direct investment.

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