Cairo – Mubasher: Egypt is continuing with its project to establish a new administrative capital and is still in talks – amid secrecy - with UAE businessman Mohamed Alabbar, Housing Minister Moustafa Madbouly was cited as saying by local gazettes.

Meanwhile, local newspaper Almasry Alyoum reported yesterday that Egypt’s government has cancelled a memorandum of understanding signed with Capital City Partners, which is chaired by Alabbar, for the execution of the country’s new administrative capital.

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

The government is fully committed to the execution of the new capital, notwithstanding the results of talks with Alabbar, Madbouly indicated.

He added that negotiations being held with the UAE firm have not been completed yet.