The Emirati founder of Capital City Partners, Mohamed Al-Abbar, has requested that Egypt reduce its share in the new Cairo Administrative Capital project from 24 percent to only 20 percent during ongoing negotiations with the Egyptian Housing Ministry, according to Daily News Egypt .

Al-Abbar requested Egypt's share reduction in return for the land it is offering to carry out the project, according to official sources who also said that the advisory committee that works on the contract drafts has asked for a grace period in order to determine the Housing Ministry's project revenue so the negotiations can move forward.

They added that the negotiations entailed that Egypt's share reduction would be met with the Emirati side's agreement to commit to financing the project from abroad and canceling Al-Abbar's request to secure financing from local banks to cover a large sector of the cost required for carrying out the project.

Al-Abbar's request comes almost a month after rumors began circulating that the negotiations surrounding "The Capital Cairo" were unsuccessful and that there were issues with the investor. However, Egyptian Housing Minister Mustafa Madbouly had said the reports were not true at the time.

The request also comes weeks after it was reported that the memorandum of understanding Egypt signed with the Emirati tycoon at Egypt’s Economic Summit in March had been terminated. However, the Housing Ministry denied the termination in late June and confirmed that the negotiations were still ongoing.

Madbouly had previously said that Egypt's 24 percent share in the project, which was agreed to by the Emirati side, was more than the maximum limit that could be allowed for any project the state participates in with land, as he indicated that the shares usually vary between 15 percent and 20 percent.

Regardless of the condition of the ongoing negotiations with Al-Abbar, there are indications that Egypt is committed to implementing the ambitious project, as the New Urban Communities Authority (NUCA) has allocated 5 billion Egyptian pounds from this year’s budget for the project, according to Daily News Egypt.

Madbouly's announcement of “ The Capital Cairo ” was considered the highlight of the Egypt Economic Development Conference in March when Egypt revealed its future plan to move Cairo's administrative buildings to a new city to serve as the new administrative capital, in hopes of securing a brighter future for Egypt's capital.