Construction on the tallest building in Africa is expected to complete in 2022, according to an article in the “Zeit” newspaper. At 585 metres, Iconic Tower will be one of 20 skyscrapers in Egypt’s new administrative capital, located around 35 kilometres from Cairo. To finance the construction Egypt received credit totalling three billion dollars from Chinese banks. The Chinese construction company CSCEC will manage construction, deploying hundreds Chinese builders alongside local workers. China is also building a monorail between Cairo and the new capital – a project that will cost 1.2 billion dollars.
Within a few years, some 6.5 million people are expected to be living in the city, with the first inhabitants moving in within as soon as a few months. The aim is to ease congestion in Cairo, where more than 20 million people currently live. The new capital will be home to the parliament and presidential palace. Investment to add to its appeal could also include a new airport, a party district and a park three times as big as Central Park in New York, according to the article.
As well as the capital city and its Iconic Tower, China is involved in extending the economic cooperation zone TEDA Egypt on the Red Sea, dubbed the “first Chinese city in Egypt”. It’s a hub where Chinese firms seeking a presence in Egypt can settle. The motivation behind the project and the partnership between the two countries is Egypt’s growth. With figures suggesting population growth from 100 million to 130 million by 2030, Egypt will have to invest in infrastructure and housing. And China stands to benefit.
