Dubai's Emaar 'to play key role' in building new Egyptian capital

Egyptian PM Ibrahim Mehleb makes announcement as he hails relationship between his country and the UAE

(AFP/Getty Images)

(AFP/Getty Images)

Dubai-based Emaar Properties is expected to play a key role in building a new capital city in Egypt, the country's Prime Minister has said.

Ibrahim Mehleb made the announcement during a press conference in Dubai during which he also said relations between the UAE and Egypt are growing stronger.

“Egyptian people will never forget the firm stand the UAE took in their support,” Mehleb said in comments published by news agency WAM, without giving further details about the plans for the new city or Emaar's involvement.

The Egyptian Prime Minister also underlined the significant growth of Emirati investments in Egypt after the removal of all the obstacles that investors faced, WAM added.

Last month, it was reported that Emaar Properties will submit plans to float its Egyptian unit to the North African country's regulator "within days" ahead of an initial share sale earmarked for the second quarter.

Earlier this month, it was reported that the UAE, alongside Saudi Arabia and Kuwait, will deposit $10 billion in Egypt before the country holds an investment conference in March.

Egypt hopes the conference in the resort Sharm El Sheikh will generate ventures worth billions of dollars, helping to boost its economy, which has just started to recover from political turmoil triggered by the 2011 Arab Spring uprising.

Saudi Arabia, Kuwait and the UAE gave Egypt more than $12 billion in aid, deposits for the central bank and petroleum products since the army toppled Islamist President Mohamed Mursi in 2013 after mass protests against his rule.

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