New Administrative Capital company offers new facilities for developers

Ahram Online , Wednesday 16 Aug 2023

Administrative Capital For Urban Development (ACUD) has announced a group of payment and project delivery facilities for developers operating in the New Administrative Capital (NAC), according to a statement on Wednesday.

File Photo: The Central Business District (CBD) project in Egypt s new administrative capital. AFP
File Photo: The Central Business District (CBD) project in Egypt s new administrative capital. AFP

 

The new facilities include deferring part of the due instalment for lands allocated by ACUD, which is the owner and developer of the NAC, to developers.

The company will also be offering up to 50 percent cuts in interest and overdue fines for land payments.

Furthermore, ACUD extended the deadline for the implementation of different projects by a month.

The company urged developers to visit its financial sector in the new capital to submit requests to receive the facilities, according to the statement.

The ACUD facilities came as the first phase of the New Administrative Capital (NAC) nears wrapping up.  

ACUD has completed the implementation of more than 70 percent of the first phase in the capital, which is being built on an area of about 40,000 feddans and includes 10 residential areas.

On Sunday, the Ministry of Housing announced that the construction rate on the second phase of the NAC's state employees’ housing units in Badr City – which includes 4,704 residential units – has exceeded 91 percent so far.

Relocating government ministries and institutions to the NAC began in March 2023.

More than 50,000 public employees will work from the 1.5 million m2 Government District when the relocation process is complete.

Construction of the NAC, which is located 35km southeast of Cairo with a total area of 170,000 feddan, began in 2015.

The new city is set to house 6.5 million people when completed.

Short link: