Major Chinese contractor pulls out of New Administrative Capital project. China State Construction Engineering Company’s decision to pull out of a USD 3 bn deal to build government facilities at the New Capital is the “latest snag” the mega project is facing, Eric Knecht writes for Reuters. Knecht notes that Egyptian contractors, who offered lower prices than the Chinese company, will take over the job. Meanwhile, a USD 20 bn memorandum of understanding for construction projects in the New Capital was expected to be signed with China Fortune Land Development Company (CFLD) in December, but that has been pushed back and will likely be signed within six months.

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