The best guess on how long it took to build each of the Egyptian pyramids is about 20 years. The country’s modern-day pharaohs want a much faster job for their new capital east of Cairo. So enter the Chinese, or more specifically China Fortune Land Development, which has just signed a $20 billion deal for the construction of homes and offices in the unnamed city.
China State Construction Engineering Corporation is said to have agreed another $15 billion contract to build the government quarters, a trade fair zone and Africa’s largest conference centre.
Opponents of the mega project ask how Egypt can afford it. But the Egyptian authorities say that Cairo is too chaotic and too congested, and that the experience of Turkey, India and Brazil shows that capitals can be successfully relocated.
WiC wonders whether the realities of the plan will live up to its rhetoric, however. The prospectus is said to talk about an airport larger than London’s Heathrow, buildings taller than the Eiffel Tower, and an amusement park that’s bigger than Disney World.
Perhaps we are too pessimistic on the project’s prospects. Historians still marvel at the architectural achievements of the ancient Egyptians, after all…
© ChinTell Ltd. All rights reserved.
Sponsored by HSBC.
The Week in China website and the weekly magazine publications are owned and maintained by ChinTell Limited, Hong Kong. Neither HSBC nor any member of the HSBC group of companies ("HSBC") endorses the contents and/or is involved in selecting, creating or editing the contents of the Week in China website or the Week in China magazine. The views expressed in these publications are solely the views of ChinTell Limited and do not necessarily reflect the views or investment ideas of HSBC. No responsibility will therefore be assumed by HSBC for the contents of these publications or for the errors or omissions therein.