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17:12 in the first phase. We have all the facilities, and thus the delivery of facilities in this area will not take long.
17:18 And thus you can see that the land has been transacted in parallel with the construction of factories or facilities that are within these areas.
17:25 The facilities will thus be delivered to it. As a matter of course, there will be some areas, a part of this area or facilities,
17:32 that are already in the first phase. So I think that we are, as I said, the third step for the land to be released in this area.
17:38 How much is the investment cost?
17:40 The investment cost, in our opinion, will be between 50 and 60 billion dinars as complete facilities,
17:46 with the stations that are required, such as the water and milk stations.
17:51 And this will be a total of 30 or 30.5 billion dinars.
17:55 Like other companies, to what extent did the company affect the freeing of the cost of the Gini exchange,
18:01 and thus perhaps the cost increased?
18:04 Of course, as a company, we were reluctant, as we say, but thank God we had a dollar income,
18:11 and today we can make up for what happened.
18:13 From selling the land in dollars?
18:15 From selling the land, from the supplies. We used to get in some negotiations,
18:17 that we would prioritize to pay the supply only in dollars and continue with the Gini exchange.
18:21 So we had an income that would cover our upcoming projects, so thank God we were able to make up for this increase.
18:28 But of course, we were affected, I think, by 15 to 20 percent in the cost of other projects.
18:33 And this will increase by 25 percent.
18:35 Yes, it will increase by 25 percent.
18:36 What about the developers in the capital? Did they get affected?
18:39 Did they get affected or delayed in the financing?
18:42 No, of course, thank God, our relationship with the developers is a direct relationship.
18:46 We are in contact with them. As a company, we provide facilities and subsidies,
18:52 because of course, these are challenges that are in the future, starting with the coronavirus,
18:55 and then the Russian-Ukrainian war, and then today with the cost of spending,
18:58 so the relationship must be healthy between the two parties.
19:01 In the end, we succeeded together, and our goal is not the other party, which is the developer,
19:06 but our goal is the third party, the buyer.
19:08 So, we are looking at the buyers. Today, the buyer will be more affected if one of our projects doesn't die.
19:13 Thank God, today we don't have a rate of inflation or anything, we have some delays.
19:17 There is a delay in submission, for example.
19:18 There is a delay in submission, but of course, we are trying to help and give time to the developers
19:23 to stick with the buyers.
19:25 Will we see more activities, especially entertainment activities, in the capital in the coming period?
19:32 We have some requests for us to build entertainment cities.
19:36 We will see their seriousness in the future.
19:38 Because in the end, it is a complete city.
19:41 There is no city that is built on the block, or on the commercial part.
19:45 The whole city must be built, otherwise, in the end, people will move.
19:48 If they work here and they don't have a place to live, they will work and go back to the same place,
19:51 or vice versa, if they live here and work in another area.
19:54 So, we must provide work opportunities, we must provide complete services for all of them,
19:57 so that whoever moves here, can live here.
19:59 What are the most important requests that were submitted to build entertainment areas in the capital?
20:03 Of course, we have parks and all that, and we need a collection of activities.
20:09 What are the biggest ones?
20:10 We have some requests that we are submitting, and we are studying them to study them very well.
20:13 Of course, the cost of all these things is long-term investment,
20:16 so we must make sure that the developer who is submitting has the financial support,
20:21 the technical support, and the work in this type, so that we don't end up with nothing.
20:26 So, these are things that we are studying, and I think we will soon realize that we need this type of activities,
20:31 and we are open to any type of other entertainment activities in the coming period.
20:35 Is the model of partnership here, in these cases, only to sell land, or maybe a partnership and a percentage of the profits?
20:42 No, of course, we are a partnership and we are open to everything.
20:44 If we are allowed to partner, sell land for profit, all kinds of things,
20:47 and that was the original goal when this company was established, the city administration, or the city ownership,
20:52 then the procedures that are a bit more routine in cooperation with the state and all these things will be released.
20:57 We are a company, we have an internal committee, we have a committee, we have a general assembly,
21:01 and therefore we have the freedom of movement, based on the studies that we are going to do.
21:04 If we can enter the partnerships, we are currently studying some of the partnerships,
21:07 According to the initials,
21:08 Did partnerships happen?
21:09 There were partnerships, of course, the companies that we established are all partnerships,
21:12 and all these companies are with other parties, especially foreign institutions,
21:17 because they are all with foreign parties, from France, from Germany, from the UAE,
21:22 and therefore, all these companies are a kind of partnerships,
21:24 and in fact, the companies were established, and the contributions were made to the companies.
21:27 But if we want to talk about projects, the same thing, we have some projects that are in progress,
21:31 but the relationship between the partnership and our commitment to it, whether it is on land, whether it is on land and buildings,
21:35 all this is under study now.
21:37 As you talked about partnerships, land and buildings, the government district is always in a dispute
21:42 about the role of the government district in the state.
21:44 Explain to us the mechanism of this dispute.
21:46 It is in a simple way.
21:48 We, as the capital city, built this government district based on the state's demands,
21:52 or the government's demands,
21:53 Investments from the capital city.
21:54 Investments from the capital city,
21:56 and we made a contract with the government to rent these facilities for 49 years to be renovated,
22:03 and we are still renovating them, like any other rental.
22:07 Like any other annual rent.
22:08 Yes, like any other annual rent, and if we have a delay in the rent, we take benefits from the delay.
22:12 No, we are still doing it, and we are doing it well.
22:14 We are getting all the consumables, we are paying for the water, the electricity, the gas, and all these things,
22:20 like any other rental.
22:22 And we have to say that today,
22:24 why are we different today from the capital company,
22:28 than any other real estate developer or developer,
22:31 that they succeed and earn all these things.
22:34 The company is doing the same thing.
22:36 We have land, we are getting investments, we are selling it,
22:39 I was saying that even in the middle of Rabousa,
22:41 the Ministry of Housing owned the Community Council.
22:44 The Community Council is an economic body,
22:48 it is not under the name of the State Council.
22:50 The State specializes in land, it offers the land, and it earns it,
22:52 and it creates, as you saw, the new world,
22:54 which is owned by the Ministry of Housing,
22:56 with all these investments.
22:58 So, it is not under the name of the government.
23:01 We are a company, and as you said, we have one of the four biggest refugees in the world.
23:05 These people, the numbers, the indicators, and all these things,
23:08 they do not have any politics,
23:10 and so, it is treated like a company that pays our taxes.
23:12 We are not talking about the taxes that are paid,
23:14 it pays all our obligations, it pays, it pays for the electricity,
23:16 we are responsible for the whole city,
23:18 but we pay the other side, the Ministry of Electricity,
23:20 the electricity costs that are in the region,
23:22 and we get the part of the license that is in our country.
23:24 So, I say, the capital city company is like any other developer,
23:27 like, why do we not earn, and they do?
23:30 On the contrary, we are a company that makes investments.
23:32 - And this is only because the main contributors in the company are all government parties.
23:37 - Right, and this is not their fault, or their fault,
23:39 that they contributed to a successful project,
23:41 and brought benefits to the state, and benefits, and profits, and principles.
23:44 Let's go back to, as I said, the capital city is six or seven years old.
23:48 What was this region?
23:50 What was it? Or was it an addition to the national economy?
23:54 I mean, can you imagine the amount of investments,
23:56 whether from the capital city company, or developers,
23:58 or from the jobs that it provided in the past seven years,
24:01 on the money that was invested, on the loans that were made to these companies,
24:05 on the taxes that were paid, not only from the capital city company,
24:08 but from all the developers that work here, to the state.
24:10 All of this did not exist.
24:12 All of this did not exist in the state's budget.
24:14 In the past seven years, it has been present,
24:16 today it pays taxes, it pays social benefits, from all the developers.
24:19 It was a desert region that never existed.
24:21 Nothing happened.
24:22 Therefore, this is a successful project.
24:24 It is estimated by its contributors, or the king,
24:26 that they entered the project, studied it, and proved its success.
24:29 Will the capital city name change?
24:31 I mean, I am currently starting to think about some things.
24:35 Of course, I always say in any talk that I have,
24:37 I ask the same question, I say that I have about 100 million names.
24:40 It takes time to choose 100 million names.
24:43 But it will change.
24:44 Yes, it will be, of course, something new,
24:46 a new capital city, and it will be a different shape.
24:49 Do you have any suggestions, or have you received any suggestions?
24:52 Leave it, leave it, leave it.
24:54 As I said, we have 100 million.
24:56 If you have time, I can tell you the 100 million names,
24:58 and you choose from them.
24:59 Ahmed, Mohamed, and Hassan.
25:00 I mean, everyone, of course, everyone sees the name,
25:02 the one who suggests it, the best name.
25:05 Mr. Khaled, I thank you very much for this interview.
25:08 I thank you, it is an honor for us,
25:10 and of course, we hope to see you again in the capital city.
25:12 Thank you.
25:13 We have reached the end of this episode of the week's interview.
25:16 It came to you from Cairo.
25:17 Our guest was engineer Khaled Abbas,
25:19 the head of the board of directors of the capital city management company for urban development.
25:22 See you in the next episode.
25:24 God bless you.
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