OPEN// Cabinet denies PM's intervention in raising land price to UAE investor
In a statement on Thursday, Homsany firmly denied reports alleging that Prime Minister Mostafa Madbouli intervened to raise the price of a plot of land that Emirati businessman Khalaf Al Habtoor intended to purchase in Egypt's North Coast from $10 million to $30 million.
He clarified that inquiries were made with all government authorities holding jurisdiction over North Coast lands, and they all confirmed that they had not received any requests from Al Habtoor to acquire land. "This claim is entirely baseless and fabricated. Even if the businessman intended to purchase land from private citizens, why would the Prime Minister interfere to set a price?' El Homsany added.
He stressed the rules governing land acquisition for investment, whether in the North Coast or elsewhere, are clearly defined by the relevant authorities and are not subject to any interference by officials.
For his part, Khalaf Al Habtoor responded in a post on his X account, saying: "I followed with interest the statement issued by the Egyptian Cabinet regarding what was published about a plot of land in the North Coast offered to me for purchase. Unfortunately, what was relayed to me was exactly as I stated in my interview. We thank the Cabinet for this clarification," Habtoor said.
"I am pleased to see the Egyptian State's keenness to transparently clarify facts, which reflects the strength of institutions and the clarity of laws and mechanisms in Egypt. I reaffirm my enduring affection and appreciation for Egypt and its people, and my belief in the positive prospects for cooperation and investment between us, built on mutual respect, transparency, and trust," he added.
"Today's clarification sends a positive message that further strengthens my confidence that Egypt was a nation of institutions and committed to providing a fair, transparent, and open investment climate. I reiterate my thanks and wish Egypt continued success and progress under its wise leadership," the Emirati investor concluded. (MENA)
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