Egypt responsible for Cairo Capital project should negotiations with partners fail: Assistant Housing Minister

Negotiations with Emirati investors over the new Cairo Capital project are facing major difficulties, Assistant Minister of Housing Khaled Abbas said Sunday.

However, he confirmed that Egypt will be responsible for the project if negotiations fail. “Whether negotiations with the Emirati investors succeed or fail, the project will be implemented,” he said.

Abbas told Daily News Egypt, during the Real Estate Development Conference, that Egypt is in dire need of establishing an administrative centre to ease the burden on the old capital. Khedival Cairo can then be turned into a cultural capital.

During the Economic Summit in March, Egypt signed a Memorandum of Understanding (MoU) with the Emirati Capital City Partners. The MoU has not yet been converted to a final contract.