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Sunday, 17 December 2017

Egyptian contractors to build ministerial district in new capital after failed Chinese deal

Ahram Online , Monday 6 Feb 2017
New Capital
FilePhoto: A model of a planned new capital for Egypt is displayed for investors during the final day of Egypt Economic Development Conference (EEDC) in Sharm el-Sheikh. (Reuters)
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Egyptian construction companies will be tasked with building the ministerial district in the New Administrative Capital (NAC), since no final agreement was reached with the China Construction company, Ahram Arabic news website reported on Monday.

An Egyptian joint stock company has been tasked with building the NAC since May 2016, according to the chairman of the New Administrative Capital for Urban Development.

The Egyptian contractors had offered better prices than the Chinese company, Al-Ahram reported.

In September 2015, Egypt signed an agreement with the China State Construction Engineering Corporation (CSCEC), also known as China Construction, to build and finance part of the NAC.

The ministerial district will include ministries, government agencies and the president's office.

The mega project aims to revive the ailing economy and reduce unemployment.

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