Six Japanese Firms offer building Egypt’s New Capital City

Big 5

Six Japan-based companies may implement the Egyptian administrative capital city project, government source said Wednesday.

The offers are still preliminary in case that the negotiations with UAE-based Emaar Chairman Mohamed Alabbar failed.

“The presidency is studying the offers.” The source said.

Meanwhile, the government has also received preliminary offers from several Saudi companies, notably Joussour Company, to develop and establish the Egyptian new capital city, the source added to El-Watan daily newspaper.

The Saudi and Japanese companies’ offers are neither final nor official yet since the financial package is not disclosed; that is why there would not be any definitive decision taken for the time being.

On the other side, the negotiations between Alabbar and the government are still ongoing. However, it is marred by the fact that the UAE tycoon’s new company, responsible for the new capital city, had not submitted any letters of guarantee about its financial position so as to obtain financing from Egyptian banks to carry out the project.

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