China Fortune to help build new city in Egypt

China Fortune Land Development Co Ltd, an industrial zone developer and operator, has secured its first project in Africa to build a new industrial city in Egypt's new administrative capital.

Under the government plan, Egypt's new administrative capital will be located between Cairo and Suez, a city along the Suez Canal. Once completed, the new administrative capital will serve as the country's new political and financial center and will effectively drive the development of the Suez Canal Economic Belt and the Red Sea Economic Belt.

CFLD on Monday released a statement saying it had signed an MOU with the Egyptian government earlier this month. The Shanghai-listed company will invest in and build the second phase including administrative buildings, manufacturing facilities and service infrastructure. It will cover a land space of 60 square kilometers in Egypt's new administrative capital.

Foreign media reported that CFLD's total investment in this project is estimated at $20 billion.

The total investment in Egypt's new administrative capital could reach $45 billion.

CFLD will integrate urban planning, construction and the operation to build this city with a high degree of industrial agglomeration and urban functionality, all within a sustainable ecological environment, said the company.