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Egypt's cash-strapped government says it has taken charge of plans to build a new capital after failing to close a deal with the UAE investor meant to lead a project some have compared in its ambition to the ancient pyramids.The mega-project was unveiled in March at the Sharm el-Sheikh economic summit, where President Abdel-Fattah al-Sisi urged foreign investors to help Egypt recover from turmoil unleashed after the 2011 uprising against Hosni Mubarak.Then, in September, Egypt signed a new memorandum of understanding with China State Construction Engineering Corporation to study the building and financing of the part of the city that includes government buildings.Under the new structure, the government is focusing on Phase I, which will cover 10,000 of the planned total of 190,000 acres, and means the project can be launched sooner.
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