Abbas added that the New Administrative Capital, Egypt's mega project, has received EGP 163 billion so far, according to a press release on Thursday on the sidelines of the Cityscape 2023 exhibition. 

Earlier this week, Administrative Capital for Urban Development (ACUD), the operator of Egypt’s new capital, unveiled plans to offer up to 10 percent of its shares on the Egyptian Exchange in the first half of 2024.

Construction of the new capital, located 35km southeast of Cairo with a total area of 170,000 feddans, began in 2015. The new city will house 6.5 million people upon completion.

Furthermore, Abbas announced that NUCA received 629 requests in August and September to allocate 1,089 feddans of land in new cities in exchange for US dollars.

The Authority issued a decree in 2022 allowing foreigners to buy land in new cities in Egypt in exchange for foreign currency until December 2023.

NUCA has, however, recently decided to extend the deadline by six months.

Furthermore, the Authority sold land worth $ 2 billion in different locations in new cities between 1 January and 30 June 2023.

Over 70 local and international real estate developers are participating in Cityscape Egypt 2023, which kicked off on Wednesday.