The Egyptian Ministry of Housing signed on Tuesday a Memorandum of Understanding with Chinese state-owned construction company CGCOC Group to plan and develop an industrial zone in New Alamein City, the ministry announced in a statement.
The ministry said that this represents the founding of New Alamein as a new commercial and administrative capital for the North Coast, where residents can live all-year long, the statement said.
"The MoU is a step forward in terms of economic and industrial relations between Egypt and China," said Housing Minister Mostafa Madbouly.
The New Alamein industrial zone is set to follow a green, sustainable model by using renewable energy and water desalination plants.
The zone is also set to follow an industrial-agricultural model, as desert will turn into cultivated land, the agricultural products from which will be used in the industrial complex.
The ministry's New Urban Communities Authority has approved the allocation of land plots to investors for the establishment of the industrial zone, according to the statement.
CGCOC is one of the top 100 largest contractors working on international projects, as per the Engineering News Record ranking.