Egypt hits 'complications' in plan for new administrative capital

By REUTERS
June 9, 2015 15:49

 
X

Dear Reader,
As you can imagine, more people are reading The Jerusalem Post than ever before. Nevertheless, traditional business models are no longer sustainable and high-quality publications, like ours, are being forced to look for new ways to keep going. Unlike many other news organizations, we have not put up a paywall. We want to keep our journalism open and accessible and be able to keep providing you with news and analyses from the frontlines of Israel, the Middle East and the Jewish World.

As one of our loyal readers, we ask you to be our partner.

For $5 a month you will receive access to the following:

  • A user experience almost completely free of ads
  • Access to our Premium Section
  • Content from the award-winning Jerusalem Report and our monthly magazine to learn Hebrew - Ivrit
  • A brand new ePaper featuring the daily newspaper as it appears in print in Israel

Help us grow and continue telling Israel’s story to the world.

Thank you,

Ronit Hasin-Hochman, CEO, Jerusalem Post Group
Yaakov Katz, Editor-in-Chief

UPGRADE YOUR JPOST EXPERIENCE FOR 5$ PER MONTH Show me later

Egypt's housing minister on Tuesday acknowledged "complications" in contract negotiations with the investment fund expected to lead development of a new administrative capital east of Cairo.

Mustafa Madbouly declined to speak in detail about the talks, which began after Capital City Partners [CCP] signed an initial agreement for the mega-project at a March economic summit in Egypt.



"There are very many complications. We are still in the negotiations stage for this project," Madbouly said on the sidelines of a business conference in Cairo, adding the negotiations were "very sensitive".



When asked about reports that UAE businessman Mohamed Alabbar, the founding partner of CCP, did not want the government to have a 24 percent share in the project, Madbouly told al-Arabiya television: "The memorandum of understanding includes this issue. This is what was signed, and we cannot change anything in it. All the talk is just speculation, but until now we are still in the negotiation stage."



CCP was not immediately available for comment.

Join Jerusalem Post Premium Plus now for just $5 and upgrade your experience with an ads-free website and exclusive content. Click here>>

Related Content

Breaking news
November 21, 2018
Democrats will probe Ivanka Trump's private email use for government work

By REUTERS