China’s largest construction and real estate conglomerate and biggest building work contractor, CSCEC (China State Construction Engineering Corporation) has joined hands with Egypt to construct Central Business District (CBD) in Egypt’s New Administrative Capital (NAC), some 50 kms east of Egypt’s capital Cairo city.
As per the market reports, dozens of Chinese and Egyptians are currently surveying the geological conditions of the construction ground, preparing statistics for architects to design the 20 residential, administrative, commercial and services towers scattered on the 1.7-million-square-meter ground. The main attraction in this CBD is going to be 385 meter skyscraper.
The construction of this new project is expected to be completed in next 3.5 years which will thus boost the steel demand in the country in coming years.
CSCEC is known worldwide for undertaking super high-rise, grand-scale, cutting-edge and novel projects, the Chinese construction company has built up a great number of landmark projects in China and around the world. As China’s largest construction and real estate conglomerate and biggest building work contractor, CSCEC is taking the long lead in China’s international contracting business.
The initiative, proposed by China in 2013, aims to build a trade and infrastructure network connecting Asia with Europe and Africa on and beyond the ancient Silk Road trade routes. This NAC will also offer good potential for other Chinese companies to build bridges and tunnels that will be the part of new capital.
What is Egypt’s New Administrative Capital?
NAC is supposed to be one of the solutions to the chronic congestion of Cairo with a demographic burden of more than 20 million inhabitants. The new capital is planned to be a sustainable city which will house ministries, parliament, Egyptian Media Production City, presidential palaces, and embassies.
Twenty-five public and private construction companies have been mandated to carry out the infrastructure projects and build the residential neighbourhoods of the new capital. Spread across an area of 175,000 acres, NAC will include 20 residential areas expected to accommodate 6.5 million people and a road network 650 km in length. The capital will also include an international airport and an electric train.
Egypt’s rebar prices remain steady, billet offers fall this week
Continuing the long trend, there has been no change in the country’s rebar prices. Ezz Steel is offering its rebar at EGP 12,525-12,528/MT (USD 700-702/MT) while another major domestic producers Beshay Steel and El Marakby are offering rebar at EGP 12,525 per tonne (USD 701/MT). These prices are on ex-works basis and include VAT of 14%.
The imported billet offers from CIS region have declined further by USD 5-10/MT against last week. The same are being heard at USD 520-525/MT against last week offers of USD 530/MT on CFR basis. As the current demand for rebar in the country is quite tepid, billet buyers are in no hurry to book the material and are waiting for billet prices to fall further.
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