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The collaboration between the UAE and Egypt in developing a new capital city can be extended to other Arab countries as a model relationship. Speaking at the inauguration of the recent International Property Show (IPS), Sultan Bin Saeed Al Mansouri, UAE Minister of Economy, said his country’s “tremendous expertise in the real estate field” could be tapped to help other countries in the region.
“The UAE’s involvement in this ambitious project reflects a pioneering initiative, and we look at it as a model that other countries can follow and emulate,” said Al Mansouri. The initiative to develop Egypt’s new administrative capital
will be spearheaded by Capital City Partners, a private real estate investment fund founded by Mohammed Al-abbar, Chairman of Emaar. It was announced at the recent Egypt the Future conference, where $4 billion (Dh14.69 billion) in financial support to Egypt was also pledged by the UAE government.
“Real estate is considered one of the most significant investments worldwide and it forms one of the main pillars of any economy,” said Al Mansouri.
“This sector is witnessing strong growth, especially in the Arab world. Therefore, both private and government sectors in Arab countries must take actions such as new legislation, support, innovation and easy liquidity.” Al Mansouri inaugurated the 11th IPS, which attracted 300 exhibitors from 130 countries with direct buying opportunities.
Source: Property Weekly