China to Build Business District in Egypt’s New Capital, Amid Skepticism Against the Mega-Project

Egyptian Streets

The China State Construction Engineering Corporation (CSCEC) signed on Wednesday the final agreement to build a Central Business District (CBD) in Egypt’s new administrative capital.

The CBD will be built on an area of approximately half a square kilometer. It will include 12 business complexes, five residential buildings, two hotels and a 345-meter high skyscraper, which will be the tallest building in Africa, according to Chinese newspaper Xinhua.

The agreement was signed by CSCEC vice-president Zheng Xuexuan and Egypt’s Minister of Housing Mostafa Madbouly during a ceremony for the official launch of the new Egyptian capital. The Chinese-sponsored business district is slated to be completed within the next three and a half years.