Talaat Mostafa buys land for development at Egypt’s new capital city

Egypt’s largest listed real estate developer Talaat Mostafa has bought 500 feddans for development in the country’s new administrative capital, Reuters cited sources at the housing ministry as saying on Sunday.

Egypt’s plan to construct a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors who pulled back from the country after the 2011 revolt against the government.

“Talaat Mostafa received the land two weeks ago after it came to an agreement with the administrative capital company on all the conditions,” one of the housing ministry sources said.

The sources did not provide further details of the contract and Reuters was not immediately able to reach Talaat Mostafa for comment.

The new capital project appeared to stall after a United Arab Emirates developer pulled out and a contract to develop government facilities by a Chinese state developer also fell through.

About 15 Egyptian companies, including Talaat Mostafa, submitted bids in March to develop land for the capital’s first phase of construction, but no official announcement has yet been made as to the winning bids.

Source: Reuters