Egypt poised to ink deal for a new capital city
This is the plan: a new capital city for Egypt that would take a dozen years to build. Ben Flanagan reports for The National that Egypt is just weeks away from solidifying a deal with a “major Arabian-Gulf-based property developer” to oversee the project. Dubai’s Emaar is rumored to be in the running.
Now, a few caveats. The $65-billion project would be financed entirely by the private sector, the article says. It will be interesting to see if the Egyptian government can pull off such a huge undertaking without kicking in government funds at some point.
Meanwhile, Ashraf Salman, Egypt’s investment minister, appears to be hedging his bets, telling the newspaper that government agencies “most probably” would relocate to the new city. This is, after all, Egypt, where political turmoil can erupt with little or no warning — and quickly reorder priorities.