China to manage buildings in Egypt’s new capital CBD

Egypt has signed an agreement with China granting one of its top construction firms, the China State Construction Engineering Corporation (CSCEC), the rights to manage and operate properties in the central business district (CBD) of Egypt’s new capital, located about 28 miles east of Cairo, South China Morning Post reports.

CSCEC is already the lead contractor for the district, which is expected to accommodate over 6 million people. Key features of the CBD include the 385-meter Iconic Tower—Africa’s tallest skyscraper—along with 10 office towers, five residential buildings, four hotels, and major government institutions like the parliament and presidential palace.

Construction costs for the CBD are estimated at $3.8 billion, with China providing the bulk of the financing and Egypt contributing around 15%. Granting Chinese firms operational control is seen as a way to help them recoup some of their investment.

The district is part of Egypt’s New Administrative Capital—President Abdel Fattah al-Sisi’s flagship urban project aimed at decongesting Cairo. In 2024, it officially became the seat of government. Around 30,000 people now reside there, and financial institutions and businesses are gradually relocating.

Having Chinese companies not only construct but also manage key infrastructure has become an increasingly attractive model for both China and many African nations, combining long-term investment returns with sustained bilateral cooperation.