The New Administrative Capital for Urban Development asked Egyptian and Arab firms interested in developing land in the New Administrative Capital to submit detailed technical and financial presentations for consideration before any allocations take place, company sources told Al Borsa. The company met with contractors over the past week and asked for the thorough plans regarding land selection and intended investments. Standards for selecting winning bids will consider the importance of the intended investment, previous experience, value of the area after investment and the timeframe for payment and completion. The first phase of the new city is already being negotiated with contractors for investment. The move comes amid concerns that the government had been prioritizing foreign (and particularly Chinese) firms in the city’s development.

Tags: