UAE firm says it is not interested in first phase of housing project
UAE developer Al-Futtaim Real Estate will not take part in the first phase of Egypts New Capital City project.
Local media has quoted the companys managing director as saying Al-Futtaim is not interested in the new city or any tourism projects across the country.
However, the developer said it will increase investment in its Cairo Festival City projects by $230m.
Interest from foreign developers in the proposed New Capital City has not met the expectations of the government.
Most of the proposed schemes that will make up the first phase of the project have been by the authorities themselves or local contractors seeking to develop housing units.
Egypts Construction & Design Company (Constec) and The Arab Union for New Urban Communities both recently submitted a request to develop 30,000 housing units each.
Other schemes include infrastructure work, which is being carried out by local contractor Hassan Allam Construction, as well as a hotel and conference hall.
The company was appointed as part of a joint venture with the local Orascom Construction to carry out water, sewerage, electrical and road infrastructure for 3 million square metres of the New Capital City.
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