Egypt to Receive 15 Towers from Chinese Firm in New Administrative Capital Next Month
Egypt’s Ministry of Housing and New Urban Communities is set to receive 15 residential and administrative towers from Chinese construction giant CSCEC in June, as part of the Central Business District (CBD) project in the New Administrative Capital.
The total project includes 20 towers, with an estimated cost of $3.8 billion, funded by a loan from a consortium of Chinese banks led by the Industrial and Commercial Bank of China (ICBC).
Spanning 170,000 feddans, the New Capital is expected to host 6.5 million residents and create 2 million jobs upon completion. The estimated cost of the first phase alone stands at $45 billion.
In 2023, Egypt signed a memorandum of understanding with CSCEC and Incom to exchange expertise and manage the operation of the CBD in the new capital.
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