Property

Abu Dhabi developer linked with new capital city in Egypt

Eagle Hills, led by team including Emaar chairman Mohamed Alabbar, said to be involved in project to build new city near Cairo valued at up to $80 billion

PHOTO: Mohamed Alabbar, the chairman of Dubai’s Emaar Properties, is an Eagle Hills board member. Credit: File image

An Abu Dhabi developer has been linked with plans to build a new capital city near Cairo at a cost of up to $80 billion, according to media reports.

Eagle Hills is in talks to be the master-developer behind the project, according to unnamed sources quoted by Bloomberg. Mohamed Alabbar, the chairman of Dubai’s Emaar Properties, is an Eagle Hills board member.

Ashraf Salman, Egypt’s minister of investment, said that the project will cost up to $80 billion, but previously set a lower estimate of $66 billion.

The new capital, set to be built east of Cairo, will be entirely financed by the private sector and take 12 years to build, according to The National.

The Dubai-listed Emaar has previously been said to have a “key role” in the project.

READ MORE: Egypt’s new capital city to cost $66bn

READ MORE: Emaar plans ‘huge investments’ in Egypt, role in new capital city

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