Egypt’s Administrative Capital Company targets EGP 26 bln in profits by end of 2023: Chairman

Ahram Online , Monday 27 Nov 2023

Egypt's Administrative Capital for Urban Development Company (ACUD) targets a projected profit of EGP 26 billion by the end of 2023, which surpasses the EGP 20 billion in profits achieved in 2022, Chairman Khaled Abbas said on Monday.

A photo showing a symposium organized on Monday by the British Egyptian Business Association (BEBA).
A photo showing a symposium organized on Monday by the British Egyptian Business Association (BEBA).

 

Speaking at a symposium organized by the British Egyptian Business Association (BEBA), Abbas shared his optimism for continued growth in the company's profits in 2024.

Highlighting the company's successful journey, he described ACUD as a realization of a dream within a span of six years. Starting from scratch in 2017, a dedicated team worked tirelessly to meticulously plan and develop the new capital.

The foundation of the new capital rests on three fundamental pillars: sustainability, intelligence, and environmental consciousness, Abbas added.

“ACUD is committed to building an urban landscape that is both eco-friendly and technologically advanced,” Abbas highlighted.

In September, ACUD revealed its intention to offer up to 10 percent of its shares on the Egyptian Exchange in the first half of 2024, he said.

This step aligns with the Egyptian government's larger plan to offer stakes in 35 state-owned companies to strategic investors by 2024.

With a total capitalization of EGP 204 billion ($6.6 billion), ACUD's public offering signifies the company's confidence in its future prospects and commitment to further growth.

The new capital, spanning an expansive area of 170,000 feddans (approximately 71,500 hectares), is situated 35 kilometres southeast of Cairo.

The symposium also witnessed the presence of prominent individuals, including Sherif Hamouda, chairman of GV Group, the developer of Tarboul Industrial City, and Ibrahim Mustafa, vice president of the Suez Canal Economic Zone (SCZone), alongside other notable figures.

Hamouda provided insights into the development of Tarboul Industrial City, revealing plans for approximately 3,000 factories spanning various industries, along with numerous service centres.

The city will boast administrative, financial, and business centres, as well as shopping malls, residential areas, and a comprehensive range of community services, healthcare facilities, and training centres.

Hamouda also shared that 18 factories have already been established in Tarboul City, accompanied by key infrastructure such as a dry port, a university area, a research and training centre, a handicrafts training centre, and a storage and refrigeration area.

Notably, the city has already completed around 10 million square metres of development, with further details set to be unveiled in June, Hamouda added.

For his part, Mustafa highlighted that over the past three months, SCZone has approved 43 major projects in industrial zones, attracting investments totaling $4.6 billion.

Furthermore, the authority has identified key industrial sectors, with a particular focus on green hydrogen, which has been designated as a top priority for SCZone in the coming period.

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