China's state contractor CSCEC has signed contracts with five Egyptian major construction firms to execute the concrete works of some towers in Egypt's new capital, a source said on Monday. The contracts will include the concrete, drilling, and foundation works of the towers set to be built in the Central Business District (CBD), an official source in one of these firms further told Amwal Al Ghad. "The initial contracts for the concrete works are estimated at around 400 million Egyptian pounds ($24.8 million). The amount of each contract ranges between 70 million pounds and 80 million pounds contract sign with each company," he said. In March 2018, Madbouly laid the foundation stone of a massive Central Business District (CBD) in the new capital's first phase. The new district, which is also being carried out by CSCEC, will include 20 giant buildings and will be completed at the end of 2020, with investment cost of $3.2 billion. Located 45km (28 miles) east of Cairo, the anticipated new capital is part of the Egyptian government's plan to expand urban areas to deal with the state's rapid population growth and improve the nation's infrastructure. The new city is set to be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches as well as 5,000-seat conference centre, nearly 2,000 schools and colleges, over 600 medical facilities, and a park that is projected to be the world's largest.
