The Egyptian government has handed the keys to the New Administrative Capital’s central business district to 
state contractor China State Construction Engineering Corporation.
Under the agreement signed on June 1, CSCEC will assume responsibility for property management, operation, and maintenance of the CBD, providing integrated urban services to residents, tourists, and businesses.
Before signing the new operation and maintenance agreement, CSCEC was involved in the project as main contractor. As such, the company built 10 office towers, five residential towers, and four hotels, in addition to Africa’s tallest building, the Iconic Tower. Total investment in the development phase is estimated at $3.8B, with 85% of the financing coming from a consortium of banks and the remaining 15% from the Egyptian government.
The CBD is meant to become the commercial hub of NAC, the country’s new administrative capital rising 45km to the east of Cairo.
President Abdel Fattah al-Sisi inaugurated the $58B new city in April 2024. It will be the main seat of government, parliamentary, judiciary and administrative life in Egypt, and host several other commercial and residential districts.
“… Egypt isn’t balancing its relationship between China and the US and the EU any longer; it seems like it’s very much moving towards the Chinese orbit.”
fdiintelligence.com/content/9a3b65
state contractor China State Construction Engineering Corporation.
Under the agreement signed on June 1, CSCEC will assume responsibility for property management, operation, and maintenance of the CBD, providing integrated urban services to residents, tourists, and businesses.
Before signing the new operation and maintenance agreement, CSCEC was involved in the project as main contractor. As such, the company built 10 office towers, five residential towers, and four hotels, in addition to Africa’s tallest building, the Iconic Tower. Total investment in the development phase is estimated at $3.8B, with 85% of the financing coming from a consortium of banks and the remaining 15% from the Egyptian government.
The CBD is meant to become the commercial hub of NAC, the country’s new administrative capital rising 45km to the east of Cairo.
President Abdel Fattah al-Sisi inaugurated the $58B new city in April 2024. It will be the main seat of government, parliamentary, judiciary and administrative life in Egypt, and host several other commercial and residential districts.
“… Egypt isn’t balancing its relationship between China and the US and the EU any longer; it seems like it’s very much moving towards the Chinese orbit.”
fdiintelligence.com/content/9a3b65