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Emaar denies stalling talks over Egypt’s new capital project

Emaar denies stalling talks over Egypt’s new capital project

Dubai – Mubasher: Emaar Misr, the UAE-based Emaar Properties’ unit, said that the company’s negotiations over getting a land plot in Egypt’s New Administrative Capital are still ongoing.

The company is committed to invest in Egypt in the long term and is interested in the new capital project and other projects offered by the Egyptian government, Emarat Al Youm reported, citing Emaar Misr.

Obtaining a land plot requires long-term negotiations and financial evaluations by all related parties, the Egyptian unit of the developer behind the world’s tallest tower, the 160-storey Burj Khalifa, said.

This declaration comes to deny all recently reported news by global news agencies that talks between Egyptian officials and the Dubai-based Emaar Properties over the development of a 1,500-acre plot in the New Administrative Capital have stalled.

In the same vein, Ahmed Zaki Abdeen, head of the new capital’s company, told BBC Arabia that the negotiations have stopped as the Emirati real estate giant reportedly wanted to buy the land at a price below EGP 3,500 to EGP 4,000 per square metre.

Emaar Misr noted it will announce further details after the talks end, stressing it will continue boosting its real estate portfolio.

The company indicated that it has been awarded contracts worth over EGP 1.64 billion to develop its projects in Egypt.