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Egypt, Libya real estate deal sparks debate
Published in Bikya Masr on 25 - 08 - 2010

CAIRO: Egypt's capital continues to see high-end real estate developments unraveled with names as catchy as outlandish. Beverly Hills being one of those new elite, enclosed developments for Egypt's wealthy. Now, the Egyptian and Libyan government's want part of the boom, saying on Tuesday the two countries are establishing a joint company worth $100 million to oversee the construction of al-Fatih on the outskirts of the Egyptian capital. Despite the optimism, there are fears it is money not well spent.
The debate is part of the ongoing discussion over how money is to be spent by Middle Eastern governments and large private corporations. Many government officials argue the key is economic development that will move its way down to the larger population as a whole. Others argue oppositely.
An Egyptian Cabinet statement published in the newspaper said that Tripoli would provide 75 percent of the initial capital needed and Egypt the balance for the 5,600 acre project, although no further details could be given.
Libya and Egypt have an often unbalanced relationship, with Egyptian companies investing in Libya in order to upgrade infrastructure, oil and gas revenues and the service industry that has only recently come into its own as a consequence of decades of diplomatic isolation.
Observers are hopeful that the new real estate partnership will help put Egypt and Libya on the path toward greater togetherness.
“We have seen that the two countries are often not seen as partners because they appear so different, but the reality is that many times we are both sharing the same resources,” Abdel-Ghany Abdel-Latif, a real estate analyst in Tripoli, told Bikya Masr via telephone on Wednesday. “To get government's working together is great because is means we will be able to ensure future projects and private investment in both areas.”
But, in Egypt, there is much questioning over the usefulness of putting $100 million toward what is, in essence, a small real estate development that will house a tiny number of families.
“We have a lot bigger problems in Egypt, from electricity and water issues to a simple lack of housing, so when you tell me the government's are putting that amount of money to this, I am mad,” Ahmed Hassan, a 54-year-old contractor, told Bikya Masr. He pointed in the distance to the three developments he has been a part of.
“It almost disgusts me that I worked so hard for a wage that should have been higher. How much do you think they sell those things for? Millions of pounds,” he said, adding that he had to save ten years to buy his family a new flat, for a fraction of the millions dished out for the new developments.
While the vast majority of Egyptians struggle on less than $2 per day, the new developments for those with money. “Shouldn't we put money in making it so everyone can buy these things? Or is it part of the plan to make sure things stay the same?” asked Hassan.
BM


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