The Ministry of Housing, Utilities, and Urban Development has agreed with the China State Construction Engineering Corporation (CSCEC) on the final terms of the contract for the Government District in the New Administrative Capital, Al Borsa News reported.
Mostafa Madbouly, the Minister of Housing, Utilities, and Urban Planning, held meeting with the CSCEC delegation to convert the initial memoranda of understanding (MOU) into contracts. The contracts will be finalized and signed before the end of 2016, said Madbouly.
Earlier this year, the Ministry signed seven MOU with CSCEC to build 12 ministerial buildings, a new convention center, a fairground, and 15,000 residential units, according to Daily News Egypt.
The prioritized area in the New Administrative Capital is 10,500 acres, with investments of EGP 60 billion, while the New Capital’s total area is 168,000.