Ministry of Housing denies termination of Cairo Capital MoU

Negotiations around the Cairo Administrative Capital Project are still ongoing with the UAE investor, Ministry of Housing spokesperson Wafaa Bakry told Daily News Egypt Wednesday.

Bakry added that rumours the Memorandum of Understanding (MoU) has been terminated are untrue.

“Negotiations are still ongoing secretly with the presidency and reports of its termination are incorrect,” she elaborated.

Al-Masry Al-Youm newspaper reported Wednesday that the Cairo Capital project MoU has been terminated with Capital City Partners, the UAE investor that signed the MoU with the Egyptian government at the March Economic Summit.

The newspaper reported that officials said that “within a year, a sovereign entity will prepare the feasibility studies and general plan for the project, so that it would be proposed again to local and international real estate investment companies without assigning it to one particular company”.

According to the newspaper, officials claimed that tycoon and founding member of Capital City,Mohamed Alabaar, who is also behind Dubai’s Burj Khalifa, could not meet the requirements set by the government. Al-Masry Al-Youm also reported that officials said Alabaar was unable to provide the sources of funding needed for the project.