Egypt has officially denied allegations made by Emirati businessman Khalaf Al Habtoor, who claimed that Prime Minister Mostafa Madbouly had intervened to raise the price of a piece of land he intended to purchase in the North Coast from $10 million to $30 million.
In a statement, Mohamed El-Homsany, the spokesperson for the Egyptian Cabinet, stated that the claim is entirely false and fabricated. He emphasized that after consulting the relevant government entities overseeing North Coast lands, no official request was ever submitted by Al Habtoor to acquire any land in the area.
El-Homsany added, “Even if the businessman was negotiating with private citizens, there would be absolutely no reason for the Prime Minister to be involved in setting or influencing the price.”
He further clarified that procedures for obtaining land for investment are governed by transparent and well-established regulations across all competent authorities and are not subject to political interference.
The spokesperson reiterated Egypt’s welcoming stance toward Emirati nationals—investors and non-investors alike, highlighting that several Emirati investors have already made billion-dollar investments in Egypt and achieved remarkable success, which they frequently acknowledge in media appearances.
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