Alabbar eyes investing in New Admin Capital, New Alamein

CAIRO – 31 July 2017: Emaar Properties looks forward to investing in the New Administrative Capital and New Alamein projects, Minister of Investment Sahar Nasr said Monday.

Emirati business tycoon and CEO of Emaar Properties Mohamed Alabbar told Nasr in a meeting that he also considers investing in development projects in Cairo and South Sinai, Nasr said in a statement.

Nasr promised to coordinate with the relevant ministries regarding the new projects that Alabbar will invest in.

Alabbar was seen as the mastermind of this project, as he proposed it two years ago during the Egypt Economic Development Conference, which took place in March 2015 in Sharm El-Sheikh.

The founder of Capital City Partners Firm, Alabbar said at that time that the new company will develop the new capital during a period of 10 years. Alabbar did not continue working on the project for allegedly requesting higher shares for the company than the government’s.

Located 45 kilometers east of Cairo, President Abdel Fatah al-Sisi announced in 2015 the building of a new city, which he described as a new administrative and financial capital of Egypt.

The New Administrative Capital, which is currently being developed by the New Administrative Capital for Urban Development, is planned to include residential districts, educational institutions, hospitals, 40,000 hotel rooms, a theme park, solar plants and a new international airport.

Land plots in the new capital have already been launched for investors and developers, who are interested in participating in the mega project.

Participating developers until now are the Arab Contractors Company, Concord for Engineering and Contracting Company, and Talaat Moustafa Group Holding Company.