Negotiations regarding signing the contract for Egypt’s new administrative capital, outlined at the Economic Summit, are ongoing, Minister of Housing Mostafa Madbouly told Daily News Egypt on Monday.
At the beginning of this week, some private newspapers reported there were problems between the government and Emirati investors who will implement the project. The reports suggested the issues were regarding converting the Memorandum of Understanding that was signed to carry out the administrative capital to a final contract.
Private newspapers, citing government sources, said the problems are related to the government’s percentage in the project.
However, on the sidelines of the Investors Summit on Monday organised by the Egyptian Stock Market, Madbouly said these reports are not true.
“Signing contracts usually takes a lot of time, so no need to worry about the project,” Madbouly said.
The new administrative Cairo Capital project was announced during March’s Economic Summit held in Sharm El-Sheikh, as the country’s latest sky-reaching project, with a total cost of $80bn and an area of 700 sqkm.
The project will be developed by Capital City Partners, a private real estate firm chaired by tycoon Mohamed Al-Abbar, who is behind Dubai’s Burj Khalifa. The infrastructure plan for the project is expected to be completed in August, according to Madbouly.