Egypt, China’s CSCEC form joint company to launch various projects at home, abroad

Daily News Egypt
4 Min Read

Minister of Housing, Utilities, and Urban Communities Assem El Gazzar met with the Chairperson of China State Construction Engineering Corporation (CSCEC) Zheng Xuexuan and the company’s officials at the company’s headquarters in Beijing, China. They discussed the status of joint projects between the two sides, including the Central Business District (CBD) project in the New Administrative Capital (NAC) and the Downtown Towers project in New Alamein City. They also explored ways to enhance cooperation within the framework of the strong relations between Egypt and China.

During the meeting, Zheng Xuexuan said that the CBD project faced many challenges and difficulties, mainly due to the COVID-19 pandemic.

He added that he appreciated the seriousness and effectiveness of the Egyptian government and the Ministry of Housing in developing the project. He noted that the cooperation between the two parties was fruitful and profitable for both the Egyptian and Chinese sides, as it strengthened the Egyptian economy and the activity of the Chinese company.

He further pointed out that the visit of the Minister of Housing to the company’s headquarters gave them great hope and support.

Zheng Xuexuan explained that the Chinese government was interested in this project and that the company was committed to developing the project according to the recently set deadlines. He said that the pace of work was increasing its effectiveness, especially in the New Alamein’s CBD project.

For his part, El Gazzar said that the cooperation in two large projects represented a distinctive mark in urbanization in Egypt.

El Gazzar added: “The main reasons for visiting the headquarters of CSCEC were to learn about the company’s capabilities in managing, operating, and marketing the NAC’s CBD, as well as to discuss some issues with the entities funding the project.”

The minister revealed that the cooperation with the company did not only aim to manage and operate the CBD, but also to establish a joint company with CSCEC. This company would be a starting base for working on various projects, whether in projects owned by the government’s New Urban Communities Authority (NUCA) or in joint projects within Egypt or abroad. Therefore, the ultimate goal was to maximize this new company and benefit from it in the coming years, especially since the Egyptian state had developed many major projects that would require management, operation, and maintenance work.

The Minister of Housing confirmed that the Egyptian state was interested in CBDs and added: “We are working to issue a set of incentives to attract investment to these areas, and despite the challenges that the company faced, we must make more efforts to complete this project.”

El Gazzar explained to the officials of the Chinese company that the NUCA was one of the largest developers in the region and the world, and that it was the largest profitable economic body in Egypt, which contributed to financing the construction of new cities or the development of existing urban areas.

The Minister requested cooperation in the field of using modern construction technologies and establishing joint factories in this context, especially since there was significant urban growth in Egypt, and therefore there could be joint investments in this field of “prefabricated building factories”. He stressed the desire to establish an investment partnership with the company.

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