The Egyptian Ministry of Housing has received 5 offers from Egyptian and Arab companies for the development of the new administrative capital, and the project’s master plan will be announced soon, according to Housing Minister, Moustafa Madbouly.
Al Ahly for Real Estate Development, owned by Hussein Sabbour, is the closest one to reach the deal, but negotiations with Mohamed Alabbar are still ongoing, according to a source close to the ministry, Al Shorouk newspaper reports.
Alabbar would like the state to hold 20 percent of the stakes in the capital, not 24 percent as previously discussed, according to Alborsa newspaper.
The Ministry of Housing has been unable to reach an agreement with Alabbar’s Capital City Partners since they signed a MoU at the EEDC in March.
The advisory committee tasked with drafting contracts has asked for a grace period to present Alabbar’s demand to the Ministry of Housing.
Madbouly had previously stated that the state’s 24 percent ownership was more than the allowed maximum of 15-20 percent for any project to which the state’s contribution is only the land.
Meanwhile, the New Urban Communities Authority (NUCA) allocated LE5 billion from the new budget to supply the Administrative Capital with infrastructure.
