The government has issued instructions not to make any statements or media interviews on the new administrative capital project until an official decision has been issued about excluding the UAE company, mechanisms of implementing and funding the project, according to informed sources.
The sources added upon anonymity that the committee responsible for following up the projects agreed on at the Economic Conference held in Sharm El-Sheikh, in mid-March, has not received any reports on the Memorandum of Understanding signed between the Housing Ministry and the Emirati businessman Mohamed al-Abar.
Abar frequents Cairo because he has many projects, as well as a subscription of Emaar Misr project, which ended yesterday, and needs to determine the capital and the value of its stocks and to set a date to put it up on the stock exchange.
Experts in real estate investment confirmed that Egyptian companies are able to establish the new administrative capital, through the formation of alliances with Gulf and foreign companies. They doubted, however, the ability of a single company to implement this mega project.
Funding is the main obstacle that tordpedoed negotiations with Abar, in addition to the absence of a general plan for the project, according to experts.
Hussein Sabour, construction expert and head of the Egyptian Businessmen Association, said that Egyptian companies can take over the establishment of the new administrative capital but after developing a plan and designs for the project.
Edited translation from Al-Masry Al-Youm
