{"id":631603,"date":"2018-03-22T04:13:49","date_gmt":"2018-03-22T04:13:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/22\/whats-happening-with-cflds-usd-13-4-bn-new-capital-contracts\/"},"modified":"2018-03-22T04:13:49","modified_gmt":"2018-03-22T04:13:49","slug":"whats-happening-with-cflds-usd-13-4-bn-new-capital-contracts","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/22\/whats-happening-with-cflds-usd-13-4-bn-new-capital-contracts\/","title":{"rendered":"What\u2019s happening with CFLD\u2019s USD 13.4 bn new capital contracts?"},"content":{"rendered":"

<\/a> What\u2019s happening with CFLD\u2019s USD 13.4 bn new capital contracts?<\/strong> Talks with China Fortune Land Development Company (CFLD) and the government over the contract to develop 14k feddans in phase one of the new administrative capital appear to be at a critical juncture. The city developer sent its final proposal for the project to the government this month, and Egyptian officials say they are currently studying the offer. \u201cAll I can say is that we are in the last stage of negotiations and hoping that this will be settled soon,\u201d Allen Ma, president of CFLD Egypt, told Bloomberg<\/a>.<\/p>\n

Government officials appear to hint at the possibility of further delay:<\/strong> \u201cThis is a huge project,\u201d Assistant Housing Minister Khaled Abbas said. \u201cWe should take our time to study the project well and ensure it will benefit the country.\u201d Talks on CFLD\u2019s component of the new capital have been plagued by constant delays. MoUs for the project were signed back in 2016, and the last we heard of the project<\/a> was that contracts would be signed by last December.<\/p>\n

Haggling over how sales revenue from the development would be shared appear to be the reason why the talks have dragged on<\/strong>, according to Bloomberg. Investment Minister Sahar Nasr had said last year<\/a> that the government will retain 60% of revenues from CFLD\u2019s projects.<\/p>\n

Then there\u2019s the matter of the inconsistent stated value of the investment.<\/strong> CFLD has said last year<\/a> that it would invest USD 4 bn in the coming four years on the project. But a copy of the proposal obtained by Bloomberg shows that CFLD commits to bringing in FDI worth USD 2 bn in the first five years. The scope of the project was supposed to see the company invest USD 20 bn over 25 years. Talk of that soon disappeared in the press and all we\u2019ve heard for a year now is USD 13.4 bn over 10 years.<\/p>\n

Don\u2019t be confused: <\/strong>The CFLD contact is separate from China State Construction Engineering Company (CSEC)\u2019s contract to build the skyscraper district of the new capital, which is at the heart of the new capital\u2019s 1.71 mn sqm central business district. Prime Minister Sherif Ismail broke ground on the district this week; CSEC will spend some USD 3 bn building the district<\/a>, with USD 2.55 bn in financing coming from Chinese banks and the balance from Egypt\u2019s Housing Ministry.<\/p>\n","protected":false},"excerpt":{"rendered":"

What\u2019s happening with CFLD\u2019s USD 13.4 bn new capital contracts? Talks with China Fortune Land Development Company (CFLD) and the government over the contract to develop 14k feddans in phase one of the new administrative capital appear to be at a critical juncture. The city developer sent its final proposal for the project to the […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-631603","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"91aeb41e-a69d-483e-8241-f8dbc1e0505e","order":"0","is_powered_by":true,"section_story_id":"7bab2275-54a4-40b5-a333-a41e3b3bfcda","story_type":"1","photo_url":"","photo_position":"above","related_issue":[631591],"teaser":"","voice_url":""},"yoast_head":"\nWhat\u2019s happening with CFLD\u2019s USD 13.4 bn new capital contracts? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/03\/22\/whats-happening-with-cflds-usd-13-4-bn-new-capital-contracts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s happening with CFLD\u2019s USD 13.4 bn new capital contracts?\" \/>\n<meta property=\"og:description\" content=\"What\u2019s happening with CFLD\u2019s USD 13.4 bn new capital contracts? 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The China Fortune Land Development Company is ironing out the final details of its contract to develop 15k feddans in phase one of the new administrative capital, Zaki Hashem & Partners Managing Partner Yasser Hashem tells Al Masry Al\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":645118,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/12\/cfld-to-invest-usd-4-bn-over-the-next-four-years\/","url_meta":{"origin":631603,"position":2},"title":"CFLD to invest USD 4 bn over the next four years","author":"enterpriseam admin","date":"12 July 2017","format":false,"excerpt":"INVESTMENT WATCH - China Fortune Land Development Company (CFLD) is at it again and looking to invest USD 4 bn in developments in the New Administrative Capital over the next five years, according to an Ittihadiya statement picked up by Al Borsa. This latest wave of mega investments from CFLD\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636138,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/21\/chinas-foreign-direct-investments-in-egypt-grew-75-in-1h2017\/","url_meta":{"origin":631603,"position":3},"title":"China\u2019s foreign direct investments in Egypt grew 75% in 1H2017","author":"enterpriseam admin","date":"21 December 2017","format":false,"excerpt":"China\u2019s foreign direct investments in Egypt grew 75% in 1H2017, said trade and economic attach\u00e9 with the Chinese Embassy Han Peng, according to Al Borsa. He broke down some of this year\u2019s investments (mostly concentrated in the TEDA industrial zone in Ain Sokhna) as such: Jushi invested USD 170 mn\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635670,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/11\/what-were-tracking-this-week-86\/","url_meta":{"origin":631603,"position":4},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"11 December 2017","format":false,"excerpt":"Adventurer and entrepreneur Omar Samra and triathlete Omar Nour will begin their epic 5,000 km journey across the Atlantic ocean on nothing but a rowboat tomorrow. 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The collapse of Egypt\u2019s talks with China Fortune Land Development (CFLD) over the development of a USD 20 bn project in the new administrative capital \u201craises questions about Egypt\u2019s ability\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2018\/12\/2527.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/631603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=631603"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/631603\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/631591"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=631603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=631603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=631603"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=631603"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=631603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}