The scope of UAE’s involvement in Egypt’s newly proposed capital city can just as easily be extended to other Arab countries, said UAE’s economy minister Sultan bin Saeed Al Mansouri.

“The UAE has gained tremendous expertise in the real estate field that could benefit other countries in the wider region,” Al Mansouri added.

The UAE’s involvement in this ambitious project reflects a pioneering initiative, the minister said, adding that countries can follow and emulate such a model.

“Real estate forms one of the main pillars of any economy… is witnessing strong growth, especially in the Arab world. Both private and government sectors in Arab countries must take it seriously by taking actions like new legislation and liquidity,” said Al Mansouri.