Emaar considers new investments in Egypt

Egypt’s investment minister Sahar Nasr and Emaar chairman Mohammed Alabbar met last week to discuss new investments across Egypt, the Egyptian State Information Service said in a statement.

Alabbar is particularly interested in investing in the new administrative capital, the new El Alamein city, and the governorates of Cairo and South Sinai, the statement added.

During the meeting, Nasr and Alabbar also agreed on coordinating with other ministries to facilitate the planned projects.

Egypt had unveiled a plan in March 2015 to build a new capital to help develop the economy and attract foreign investors, which have mostly fled the country since the 2011 uprising. The new capital is also meant to help ease Cairo’s overcrowding and pollution. It was initially expected to cost about $300 billion, and is set to include an airport.