The Egyptian government expects a “consensus” to be reached soon with UAE investor Mohamed Alabaar regarding the Cairo Capital project, Minister of Investment Ashraf Salman announced on Monday.
In press statements on the sidelines of the Euromoney Egypt Conference, Salman explained that UAE investors will be among those participating in the project, though not the only investors.
Salman said the government has requested consulting companies working on the Cairo Capital project prepare a master plan.
The Cairo Administrative Capital project was one of the mega-projects presented at the Economic Summit. Since the project’s announcement, contradictory reports have circulated about the plan’s details.
Minister of Planning Ashraf El-Araby said in an interview with Daily News Egypt in September that the contract with Alabaar had not been terminated; however, the government will continue seeking investors for the project.
Negotiations with UAE investors over the new Cairo Capital project are facing major difficulties, Assistant Minister of Housing Khaled Abbas said in mid-June.
However, he confirmed that Egypt will be responsible for the project if negotiations fail. “Whether negotiations with the Emirati investors succeed or fail, the project will be implemented,” he said.