Abu Dhabi developer said to plan new $80bn Egyptian city

Abu Dhabi-based developer Eagle Hills is reportedly planning to build a new town near Cairo, costing up to $80 billion over a 12-year construction period.

Bloomberg quoted a couple with knowledge of the matter as stating the new city will include an airport, hotels, and a mall as well as amenities such as hospitals and schools.

Separately, Ashraf Salman, Egypt’s minister of investment, told Bloomberg TV that the choice of developer continues to be narrowed down to two companies in the United Arab Emirates, declining to name them.

The project will be formally announced by Egypt’s government at an international investors meeting next month, Bloomberg said, adding how the project will be built to the east of Cairo.

Skull cap Hills is led by a group of executives who worked at Emaar Properties, including Emaar’s present chairman, Mohamed Alabbar, who is a board member.

Final month, Egypt’s Prime Minister Ibrahim Mehleb was quoted as saying that Dubai-based Emaar was expected to enjoy a key role in building a new capital city in Egypt.

A spokesman for Skull cap Hills declined to comment when contacted by Bloomberg.

© 2015 ITP DIGITAL Provided by SyndiGate Media Inc. (Syndigate. info).


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Abu Dhabi-based developer Eagle Hills is reportedly planning to build a new town near Cairo, costing up to $80 billion over a 12-year construction period.

Bloomberg quoted a couple with knowledge of the matter as stating the new city will include an airport, hotels, and a mall as well as amenities such as hospitals and schools.

Separately, Ashraf Salman, Egypt’s minister of investment, told Bloomberg TV that the choice of developer continues to be narrowed down to two companies in the United Arab Emirates, declining to name them.

The project will be formally announced by Egypt’s government at an international investors meeting next month, Bloomberg said, adding how the project will be built to the east of Cairo.

Skull cap Hills is led by a group of executives who worked at Emaar Properties, including Emaar’s present chairman, Mohamed Alabbar, who is a board member.

Final month, Egypt’s Prime Minister Ibrahim Mehleb was quoted as saying that Dubai-based Emaar was expected to enjoy a key role in building a new capital city in Egypt.

A spokesman for Skull cap Hills declined to comment when contacted by Bloomberg.

© 2015 ITP DIGITAL Provided by SyndiGate Media Inc. (Syndigate. info).

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