By: Amr Adel

Dubai – Mubasher: The Egyptian government has offered UAE businessman Mohamed Alabbar the option to enter into an Egyptian alliance to implement the first stage of the new administrative capital project, an informed source said on Monday.

The new capital project is one of the most important projects announced by Egypt during the economic summit held in Sharm El-Sheikh in March. The government signed a memorandum of understanding (MoU) with Capital City Partners, headed by Alabbar, and which founded Cairo Capital City in partnership with the Egyptian government to execute the project.

This last offer comes after the two parties failed to reach a final agreement over the past two months, the source, who spoke on condition of anonymity, told Mubasher, adding that the UAE businessman is considering this offer in light of the new developments but has not given a final approval yet.

The first phase of the new administrative capital project is estimated at $45 billion and will cover an area of 135 square kilometres.

Alabbar previously stated that the total cost of the project exceeds $300 billion.

Translated by: Nada Adel Sobhi