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Egypt scraps new capital MoU with Alabbar - Paper

Egypt scraps new capital MoU with Alabbar - Paper
Photo Credit: Arabianeye - Reuters
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Cairo – Mubasher: Egypt’s government has cancelled a memorandum of understanding signed with Capital City Partners, which is chaired by Mohamed Alabbar, for the execution of the country’s new administrative capital, well informed sources were quoted by local newspaper Almasry Alyoum.

The first phase in the project was estimated to cost around EGP 45 billion.

However, the government will continue with executing the project with a new mechanism and new partner, the gazette said. It added that a sovereign body will conduct feasibility studies and the master plan for the project within one year, after which the project will be re-tendered among local and international real estate investment firms.

According to the newspaper, Alabbar failed to provide financing sources for the project, especially as the company he established was not affiliated to UAE’s Emaar or its Egypt subsidiary Emaar Misr.