Emaar plans ‘huge investments’ in Egypt, role in new capital city
Prime Minister Ibrahim Mahlab met with Emaar Properties chairman Mohamed Alabbar in Dubai
The Dubai property developer Emaar plans “huge investments” in Egypt and a key role in developing a new capital city in the country, it has been reported.
Egypt’s Prime Minister Ibrahim Mahlab this week met with Emaar Properties chairman Mohamed Alabbar at the Government Summit in Dubai, partly to discuss economic ties between the Arab world’s most populous country and the UAE.
According to Egypt’s State Information Service, Alabbar told Mahlab that Emaar plans “huge investments” in Egypt, and is studying the feasibility of high-tech cities in the country.
Mahlab also outlined plans for a new capital city in Egypt, saying that Emaar is expected to play a key role in the project, according to the UAE state news agency WAM.
It was reported last summer that Egypt is studying a proposal to create a new capital east of Cairo.
The project would involve moving parliament, the presidential palace, ministries, governmental authorities and employee accommodation to the new city, Al-Masry Al-Youm reported.
Relations between the UAE and Egypt are growing stronger, Mahleb said at the Dubai conference, according to WAM.
“Egyptian people will never forget the firm stand the UAE took in their support,” Mehleb said.
