China Fortune Land & Development Company (CFLD) has signed an agreement with the Egyptian government to develop an industrial area at the proposed New Capital City scheme, according to a statement made by the company. The size of the project has not been revealed. The company was reportedly looking to pump up to USD20bn in investments in Egypt over the coming ten-year period, as reported by several media sources last month, following a company’s delegation meeting with the Egyptian authorities in Cairo. CFLD is planning to build a smart village, a technology zone, a residential city, as well as a number of road projects in the New Capital City. (MEED)