Egypt's investment minister stressed that Abu Dhabi-based Eagle Hills Property Company not Emaar Properties is the one which signed with the Egyptian government a deal to set up the country's new capital city on Suez road.
There was a confusion in the media because the deal was signed by Engineer Mohamed Alabbar, who is a board member of Eagle Hills and at the same time the current chairman of Emaar Properties, Ashraf Salman told MENA.
Egypt plans to set up a new capital east of Cairo on a land area of around 700 square kilometers (270 square miles)—roughly 12 times the size of Manhattan.
The government hopes the new capital will accommodate seven million people and create 1.5 million jobs.