Mushael Al-Malek: the Egyptian- Kuwaiti company file is displayed to the political leadership to build a comprehensive sophisticated city.
The new city includes residential, investment, tourist, commercial and industrial sectors keeping up with the latest global systems.
The company project will provide a quarter of a million permanent job opportunities for young people and accommodate two million inhabitants in next February as a deadline to the international arbitration for resolving the issue, and the indemnifications are estimated at $15 billion.
All lands of the project are desert not planted so they are turned by the decision of the government to a real estate project.
Interviewed by- Ahmed Al-Mamlouk:
A huge investment project for a Kuwaiti-Egyptian company that was disabled for 12 years because of the inability to make a decision and ending the binding problems with investors for transferring the negative image about investment in Egypt to a positive, stimulating and supportive image for the Kuwaiti and GCC investors. And after the visit of President of the Arab Republic of Egypt, Abdel Fattah Al-Sisi, the signs of hope and optimism started to appear on the faces of Kuwaiti businessmen and investors hoping to end their suffering related to investments in Egypt with a decisive and rapid resolution realizing the implications and effects of disabling the investment in any country whether near or far.
“Al-Seyassah” journal addresses one of the most important projects which witnessed a case of ups and downs from the public speakers towards the company being run by foreign investments, and it is found that the project ensures the establishment of (a comprehensive urban gathering) over an area of 26, 000 acres covering various integrated aspects, services, and sectors including distinguished residential; investment and commercial sectors as well as a financial center, international airport, tourist and recreational projects, commercial markets and malls, schools, institutes, universities and therapeutic services through the establishment of global health centers alongside with the establishment of a free-style tower similar to Burj Khalifa and the Kingdom Tower. The construction of the city also aims to relieve the traffic pressure in Great Cairo into the south direction not exceeding 60 km in a proactive bold and vital investment step in the expansion creating an image of an integrated city.
It is amazing that the project is reflected positively on the labor market there as this urban gathering accommodates 2 million persons and offers a quarter of a million permanent job opportunities for young people and about one million job opportunities during its construction stages, and its total investments are nearly 400 billion Egyptian pounds. In addition, the design of the concerned project city has the world modern style to be a haven and destination for those wishing to enter the Egyptian market, and despite all of aforementioned, the project remained a controversial subject in Egypt.
Since 2008 and until today, no decision has been issued to initiate the implementation of the project that is planned to be completed in an area near the city of Al-Ayat located in South Giza with Egyptian -Gulf and global investments and partnership that can cause damages to more than 20 companies with stocks in the Egyptian Kuwaiti Company if the file is not resolved quickly.
To shed light and highlight more details, we met (Sheik Musheal Malek Abdul Aziz Al-Sabbah) who is one of the senior owners of the International Holding projects Group that is one of the largest stockholders of the Egyptian Kuwaiti Development and Investment Co. and the project owner looking for a light in a convoy of offered construction and reconstruction projects in Egypt, and the following is the last updates about the project:
Sheikh Mushael Malek Abdul Aziz Al Sabbah, as a start- what are the last updates about the company project that was disabled in Egypt years ago?
The company project has been disabled for more than 12 years due to speculations and murmurs by those who don’t want the good and prosperity to Egypt, and if this project is approved according to the strategies planned to it, it would be a role model for the investment that is befitting Egypt’s history and civilization, but unfortunately the project remained subject to the public speakers and those who don’t want to serve the nation and have tendentious objectives that we do not know their dimensions and effect on the company and project by one hand and on Egypt by the other aiming to disable the creation of projects that help to build the Egyptian economy and provide job opportunities to thousands of young people.
There is no doubt that such forms of standard projects which keep pace with the global development will transform the destination of foreign investors to Egypt, while those who stood against this investor, stood against the growth of investment and against the attraction of capitals flowing into the Egyptian economy.
26.000 acres.
Describe the components of the project and the challenges encountered in its implementation?
The project is based on an area of 26, 000 acres that are contracted for in 2002 to set up an agricultural project and stopped as a result of the failure of the state to provide water duty according to the contract made with the state, and then the decision of the Cabinet in 2008 was issued to develop urban gathering in the North of Upper Egypt at the desire of Egyptian Government , and since that time the bidders; public speakers and haters to their countries began to stand against implementing the project, so the controversy on the project implementation remained a challenge to it until the revolution of 25 January 2011.
And what is the added value achieved to the Egyptian economy after the completion of the project, and what the actual investment benefit for investors?
The project is based on the investment of about 400 billion Egyptian pounds during its time stages to create a residential, commercial, financial, tourist, recreational, educational and health city accommodating 2 million inhabitants, and it is a pivotal social monument for three near governorates adjacent to Cairo that are Giza; Beni suef and Fayoum. That will be done by creating a quarter of a million permanent job opportunities with accommodation of one million job opportunities during the stage of project accomplishment as well as it contributes to solving the problem of immigration to Cairo, and the problem of traffic in Cairo due to the concentration of services there.
A city like Dubai.
Do you mean that the project will provide services that limit the centralization of Great Cairo?
Of course, the project was designed to create a city like Dubai in terms of facilities, services and entertainment; and the study has been developed so that the city will be classified to sectors: “residential, investment, tourist; commercial; industrial and recreational, health, educational, services” that are sectors contributing to attract the investors to Great Cairo for the presence of a distinguished international airport, the largest financial center and huge commercial malls that provide together trade and investment services and services for businessmen.
The project also includes a group of schools, institutes and universities that are all connected to a sophisticated and modern traffic network through a sophisticated and modern road network linked by railway lines the thing that reflects the actual investment feasibility which is added to development of the State’s financial resources through the achievements of these projects including proceeds and operational feasibility for diverse sectors such as health, education, tourism, transport, trade and investment that all represent an added value aiming to open prospects of foreign investment in Egypt, as the Egyptian-Kuwaiti company subsumes 20 other companies with stocks in the project that are all affected because the execution was disabled by the Egyptian Government, however and after all its patience it is going to be at the forefront of companies investing in Egypt, but that requires the trust and support of the current political leadership in Egypt to end the problems and challenges faced by companies investing in Egypt.
Are you optimistic about completing the project which witnessed a state of ups and downs and controversies in all Egyptian popular, executive and legislative communitie