Leading Chinese state corporation is one of the beneficiaries in the recent contracts that were awarded by Egypt to construct the new administrative city in Egypt.
China Railway Group Limited (CREC) signed a memorandum of understanding to implement two of the major projects within the city.
Egyptian Housing Minister Moustafa Madbouli signed the memorandum of understanding with CREC’s regional director for the Middle East region a move that was seen as a new approach to ensure that the project get implemented on time.
Considering the fact that CREC is one of the world’s largest construction engineering contractors which have a clear track record in the African will carry out six governmental buildings and the Olympic park in Egypt’s new capital city.
The company will econstarct buildings on an area of 214,000 metres square; while the Olympic park will be placed on an area of 2,000 feddans.
The Chinese company will now be responsible for creating the initial designs for the projects within three months after signing the MOU. The projects will be completed in 30 months; the Egyptian government would participate in the projects by a percentage of 15%.
CREC has history over 100 years. The company is a mega corporation group integrating survey and design, construction and installation, industrial manufacturing, real estate development, resources and mineral products, financial investment and other services headquartered in Beijing, China.
The move comes barely few days after the Chinese president XI visited Egypt and got into agreement with his counterpart Sisi.
The duo agreed to work together in terms of development in the future as more Chinese companies seems to have gained and signed MOU to carry out massive projects.
In recent years, Egyptian government shown strong interest in investment on infrastructure which it sees as key to development.