SA­HAR NASR VIS­ITS CHI­NESE CFLD TO DIS­CUSS NEW AD­MIN­IS­TRA­TIVE CAP­I­TAL PRO­JECT

Ne­go­ti­a­tions have reached their fi­nal phase, sign­ing con­tracts will hap­pen soon, first phase im­ple­men­ta­tion within a year, says Nasr

The Daily News Egypt - - Front Page -

Dur­ing her visit to China, Sa­har Nasr, the Min­is­ter of In­vest­ment and In­ter­na­tional Co­op­er­a­tion, met on Mon­day with rep­re­sen­ta­tives of China For­tune Land Devel­op­ment (CFLD), a com­pany spe­cialised in the field of con­struct­ing new cities and real es­tate devel­op­ment in the Chi­nese city Ji’an. This hap­pened on the side­lines of her par­tic­i­pa­tion in the One Belt One Road (OBOR) fo­rum in China.

The Min­is­ter lis­tened to a pre­sen­ta­tion from com­pany of­fi­cials about their ac­tiv­i­ties and the most prom­i­nent projects they im­ple­mented across the world in the field of es­tab­lish­ing and op­er­at­ing in­te­grated cities, not­ing that the com­pany has con­trib­uted to the es­tab­lish­ment of about 50 cities across the world, with as­sets of more than $30bn. It has also em­ployed about 15,000 en­gi­neers and tech­ni­cians, mak­ing it one of the largest com­pa­nies in its field.

Com­pany of­fi­cials have ex­pressed their in­tent to in­vest about $20bn in Egypt over the next 10 years, in­clud­ing in­vest­ments in the area ded­i­cated to be­com­ing an in­te­grated city within the New Ad­min­is­tra­tive Cap­i­tal, through part­ner­ship be­tween the pri­vate and pub­lic sec­tor.

The com­pany’s plan in the new cap­i­tal in­cludes es­tab­lish­ing a smart vil­lage, a zone for tech­no­log­i­cally ad­vanced and Eco-friendly en­vi­ron­men­tal tech­nolo­gies, in ad­di­tion to a res­i­den­tial city, as well as an in­te­grated group of roads, util­i­ties, and ser­vices that in­clude schools, uni­ver­si­ties, re­search cen­tres, and en­ter­tain­ment clubs.

The min­is­ter stressed that the new cap­i­tal will help with im­prov­ing the econ­omy and ur­ban devel­op­ment in Egypt, in ad­di­tion to the im­prove­ment of govern­ment ser­vices of­fered to cit­i­zens, as well as at­tract­ing for­eign in­vest­ments.

The min­is­ter noted that her visit to the com­pany comes as part of the ac­ti­va­tion of the as­pects agreed upon dur­ing Pres­i­dent Ab­del Fat­tah Al-Sisi’s visit to China and his meet­ing with the com­pany’s chair­per­son in Egypt.

Com­pany of­fi­cials have stressed their readi­ness to be­gin work­ing in the lo­ca­tion of the New Ad­min­is­tra­tive Cap­i­tal a month af­ter sign­ing the con­tract. The fi­nal phase of ne­go­ti­a­tions is cur­rently tak­ing place to sign the con­tract be­tween the Min­is­ters of In­vest­ment and Hous­ing and the Chi­nese com­pany. Both sides have agreed that the first phase of the pro­ject will be im­ple­mented within a year.

The com­pany has con­trib­uted to the es­tab­lish­ment of about 50 cities across the world, with as­sets of more than $30bn

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