US-based Hill International, a real estate management firm, is in negotiations with the Egyptian Armed Forces Engineering Authority over managing the development of the New Administrative Capital, according to Waleed Abdel Fattah, Senior Vice President and North Africa Regional Manager of the firm, Amwal Al Ghad reported.
The Administrative Capital was announced in 2015 at the Egypt Economic Development Conference, and was set to be developed by a UAE firm headed by construction tycoon Mohamed Alabbar. However, disputes over profit distribution led to the cancellation of the memorandum of understanding with the Egyptian government.
Part of the Administrative Capital will be developed by foreign investor China Fortune Land Development (CFLD), which is currently in the process of discussing land pricing with the Housing Ministry.
The first phase of the capital will include a total area of 14,000 acres at an investment cost of $ 20 bn, while 2,500 acres will be offered to developers at the end of 2016, according to Minister of Housing, Utilities, and Urban Communities Mostafa Madbouly.