China State Construction Engineering Corporation (CSCEC) is to examine the business case for building an industrial zone in New Alamein City, a mega development on Egypt’s Mediterranean coast that may eventually have an investment value of $183bn, Egypt Today reports.
The announcement was made by Wen Bing, the president of CSCEC, after a meeting held yesterday with Mostafa Madbouly, Egypt’s prime minister.
Madbouly said the zone would be an opportunity for economic partnership between China and Egypt, especially in “important industries such as electric cars, new and renewable energy, and construction and building materials”.
New Alamein is an ambitious plan to develop Egypt’s Mediterranean coastline. It will stretch for some 48km along the International Alexandria-Matrouh Road in the Marsa Matrouh governorate, and if all goes to plan will eventually be home to about 3 million people.
The first phase covers an area of 100 sq km and will include 15 towers, in addition to villas and houses. The total investment for this element is around $4.5bn.
Much of the work has gone to Egypt’s main construction companies, such as Orascom and Arab Contractors, and its armed forces, along with US project manager Hill International.
CSCEC is the main Chinese representative on the scheme, and in Egypt as a whole, having established a relationship with the Egyptian government following its work on the central business district of the New Administrative Capital.
So far, it has been hired to build an artificial lake and a medical city in New Alamein. It has also built a plant fabricating steel structures and glass facades for use in the scheme. This is located in Ain Sokhna, on Egypt’s Red Sea coast.
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