CAIRO, Oct. 11 (Xinhua) -- China State Construction Engineering Corporation (CSCEC) finalized here on Wednesday a 3 billion-U.S. dollar deal to build a massive Central Business District (CBD) in Egypt's new administrative capital, some 50 km east of Cairo.
The deal was signed by CSCEC Vice President Zheng Xuexuan and Egyptian Housing Minister Mostafa Madbouly, in the presence of Egyptian President Abdel-Fattah al-Sisi and Chinese Ambassador to Egypt Song Aiguo.
Under the deal, CSCEC will build the CBD on a total area of about half a square km. The district includes a 345-meter high skyscraper, the would-be highest building in Africa, 12 business complexes, five residential buildings and two hotels.
The whole project is scheduled to be finished within 43 months.
Egypt had previously sought to develop the project with a Dubai real estate company before reaching a deal with the Chinese developer after overcoming all points of disagreement.
The construction of Egypt's new administrative capital is a national mega project that is designed to gradually expand over an area of 700 square km.
With government departments and ministries moving in after its completion, business centers, residential housing, hotels, green spaces and other facilities will also be built, which will provide vast job opportunities. Enditem
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