Dubai – Mubasher: Mohamed Alabbar, a UAE businessman and also the Chairman of Emaar Properties, said Monday that no “win-win” agreement was reached with Egypt on building its new administrative capital.
The statement came in an interview with Alarabiya satellite channel during Alabbar’s participation at World Economic Forum in Davos.
Egypt intends to build a new capital east of Cairo in the coming five to seven years over an area of 25,000 acres.
“The signed agreement was preliminary …. The Egyptian government changed its mind about some of its articles and it has the right to do as such as the deal is not biniding,” said Alabbar.
