Egyptian Prime Minister Mostafa Madbouly (L) and Emirati Businessman Khalifa Al-Habtoor (R)
In an official statement issued on Thursday, the Egyptian cabinet affirmed that the governmental authorities responsible for lands in the North Coast had no record of any formal request from Al-Habtoor to acquire land.
“This incident is entirely baseless and fabricated,” read the statement, adding, “Even if the businessman intended to acquire land from private individuals, why would the Prime Minister intervene to set the price?”
Earlier this week, Al-Habtoor claimed in a CNN Business interview that a beachfront property, initially offered to him for $10-12 million, saw its price triple to $28-$30 million, purportedly due to direct intervention from Madbouly.
The cabinet’s statement emphasised that the rules governing land acquisition for investment purposes in the North Coast and elsewhere across the nation are “well-defined and transparent.”
It added that such processes are handled solely through the relevant authorities without any interference from senior officials.
“Egypt welcomes our Emirati brothers — investors and non-investors alike,” the cabinet’s spokesperson, Mohamed El-Homsany.
“We already have Emirati investors who have injected billions of dollars into the Egyptian economy and achieved unprecedented success and profits — something they acknowledge in every media appearance.”
From his side, Al-Habtoor expressed his appreciation for the Egyptian cabinet’s statement.
While affirming that his earlier interview accurately reflected what was conveyed to him, the Emirati tycoon also lauded Madbouly's "frank and clear clarification."
"I followed with interest the statement from the cabinet in the beloved Arab Republic of Egypt concerning what was published about a piece of land in the North Coast that was offered to me," Al-Habtoor said in a social media statement.
“Unfortunately, what was conveyed to me is exactly what was stated in my interview,” he said.
However, he reiterated that such a level of transparency reflects the strength of Egypt’s institutions and the clarity of its legal and administrative frameworks.
"The clarification issued today is a positive message that reinforces my confidence that Egypt is a country of institutions, keen to provide a fair, transparent, and open investment environment," he concluded.
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