(Sharm El Sheikh) – Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and Egyptian President Abdul Fattah el-Sisi have attended the signing of an agreement to build a new administrative and business capital for Egypt at a cost of 150 billion Egyptian pounds.
It is planned to be built at Ain al-Sokhna road, to the east of Cairo, over 700 sq km (270 sq miles) and houses about seven million residents.
The signing ceremony took place on the sidelines of Egypt Economic Development Conference in Sharm el-Sheikh, Egypt.
The deal was signed by Mohammed Ali Al Abbar, Chairman of Emaar, which is investing in the project, and, from the Egyptian side, by Dr. Mostafa Madbouly, Minister Ministry of Housing, Utilities and Urban Development.
Among others present were H.H. Sheikh Abdullah bin Zayed Al Nahyan, Foreign Minister, and members of delegation accompanying Sheikh Mohammed bin Rashid, Eng. Ibrahim Mahlab, Egypt’s Prime Minister, a number of ministers and senior officials.
(Courtesy WAM)
