Media

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, and Egyptian President Abdul Fattah El Sisi attended the signing of an agreement to build a new administrative capital for Egypt at a cost of 150 billion Egyptian pounds located at Ain Al Sokhna road in an area of over 700 sq km, of which the first phase consists of 135 sq km. The agreement was signed by Mohammed Ali Alabbar, Chairman of Emaar, which is investing in the project and Dr. Mostafa Madbouly, Minister Ministry of Housing, Utilities and Urban Development from the Egyptian side. The ceremonies were attended by Foreign Minister His Highness Sheikh Abdullah bin Zayed Al Nahyan, His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President and Prime Minister and Ruler of Dubai's accomanying delegation, Eng. Ibrahim Mehleb, Egyptian Prime Minister and a number of ministers and senior officials. His Highness Sheikh Mohammed bin Rashid Al Maktoum and His Excellency President Abdel Fattah al-Sisi were briefed, through a huge model, of the components of the project involving more than 35 specialized Egyptian companies in the works of construction and contracting. The new capital will be the headquarters of the ministries, official bodies and embassies in Egypt as well as headquarters for companies and private sector institutions. It also includes resorts, modern shopping malls and high-class residential neighborhoods. The promising city, planned to be the new administrative capital of the Arab Republic of Egypt, will host about 7 million citizens and will link Cairo to the Suez Canal after fully implemented. Sheikh Mohammed bin Rashid and the Egyptian president appreciated the project, describing it as a true reflection of the depth of fraternal ties between the UAE and Egypt's leadership, its government and people.