60-40 split with gov’t on revenues from CFLD’s developments in new capital

60-40 split with gov’t on revenues from CFLD’s developments in new capital: Nasr also spoke of China Fortune Land Development Company’s (CFLD) project in the New Administrative Capital, saying that the government will retain 60% of revenues from CFLD’s projects there as part of a revenue sharing agreement with the company. As we noted last week, CFLD had pledged USD 13.5 bn over the next 10 years in developing the 14,000 feddan first phase of the new capital — an apparent reduction in the size of its initial pledge of USD 20 bn. USD 4 bn will be invested in the development of industrial parks in the new capital over the coming four years, an Ittihadiya statement picked up by Al Borsa had said.