A number of Egyptian investment and housing ministers met with the country’s property developer firm Emaar Misr for Development (EMFD), the Egyptian unit of UAE property conglomerate, on Saturday in order to discuss future investments by Emirati businessman Mohamed Alabbar.
Alabbar founded and has led Emaar Properties of Dubai, Emaar Misr’s parent company, since its inception in 1997. The UAE investor was meant to lead a mega project to build a new capital 45 km (28 miles) east of Cairo, but Egypt and Alabbar failed to close a deal in 2015.
Egypt’s Investment Minister Sahar Nasr and Emaar Misr’s head inspected the proposed site for a project in the northern region of al-Alamein, the statement said without giving further details about the project.
Source: Reuters
