CAIRO: The “world’s largest subcontractor” will be involved in developing the New Administrative Capital, Egypt’s Housing Minister Moustafa Madbouli stated Tuesday.
Minister Madbouli made the statement to the CBC network following a meeting with the China State Construction Engineering Corporation, in which they groups examined studies of the mega project.
Earlier in September, President Abdel Fatah al-Sisi and his Chinese counterpart Xi Jinping witnessed the signing of the company to work on the new capital.
Madbouli told CBC that the project is divided into several zones varying between commercial, services, residential and governmental. “The new capital’ initial design presented at the economic summit was amended,” he added.
“The Chinese company has proposed to implement a part of the government building in the new capital, and we have requested some business models to decide on their proposal,” said Madbouli.
The new capital is one of a series of mega-projects announced by President Abdel Fatah al-Sisi at the Egypt Economic Development Conference, held in Sharm-el-Sheikh in March, to attract foreign investment and create jobs in a country with a booming population of 90 million.
Egypt plans to build the new capital “Cairo Capital” which is located halfway between Cairo and the Suez Canal area, within five to seven years at a cost of $45 billion.