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Chinese developer signs $20B deal to develop Egypt's new capital city

China Fortune Land Development Co. Ltd. signed a deal todevelop the second phase of the proposed new capital of Egypt, Reutersreported, citing a statement from the Egyptian cabinet.

Phase two of the project has an estimated cost of US$20billion which will include homes, offices and other relevant infrastructure ona 14,000-acre estate, east of Cairo.

The proposed capital is one of the projects revealed byEgyptian President Abdel Fattah el-Sisi to attract foreign investment andcreate jobs. The first phase of the development, meanwhile, is expected to costaround US$45 billion, according to the news outlet.

According to the report, the new capital is designed to bethe size of Singapore, with an airport larger than London's Heathrow airportand a building taller than Paris' Eiffel Tower. It will also comprise 10,000kilometers of streets and avenues.