(Yicai Global) Oct. 12 -- China State Construction Engineering Corp. [SHA:601668] has struck a USD3 billion deal to build a central business district (CBD) in Egypt's new administrative capital, some 50 kilometers East of Cairo.

The Beijing-based group and the Egyptian government held a signing ceremony yesterday, state-run Xinhua news agency reported. The project covers an area of 505,000 square meters and includes commercial office buildings, apartment buildings, hotels and 20 other high-rises with a combined construction area of 1.7 million square meters. It will be completed after 43 months.

The company first reached an agreement to collaborate with the Egyptian government as early as January last year, an official from the China State Construction's Egypt branch said. The deal includes information from the final specific project implementation plan.

It marks significant progress in the Belt and Road Initiative and in the industrial cooperation between the two sides. A landmark built by the Chinese company in a core area of Egypt will become a symbol of the two countries' long-term bilateral friendship, Song Aiguo, China's ambassador to Egypt, said at the signing ceremony.

The construction of Egypt's new administrative capital is a national project that is set to gradually expand over an area of 700 square kilometers.