The China Fortune Land Development Company (CFLD) will iron out this week the final details of its contract to develop 14k feddans in phase one of the new administrative capital, government sources tell Al Borsa. The meeting with the New Administrative Capital Company for Urban Development will set the final price of the land, the timeline and stages of development, and schedule of revenue payments to the government. The government will receive 60% of the revenue under its agreement with CFLD. CFLDis planning to spend USD 4 bn developing parts of the new city over the next five years, a figure it plans to increase to USD 13.5 bn over the next ten years. Phase one will see an industrial zone being developed on the outskirts of the new capital.

The central bank will be selling USD 1 bn in USD-denominated T-bills tomorrow, Reuters reports.

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