Egypt’s ACUD signs agreement with JOBMASTER for restructuring ahead of IPO

Ahram Online , Sunday 10 Dec 2023

Administrative Capital for Urban Development (ACUD), the operator of Egypt’s new capital, signed an agreement with JOBMASTER for Human Capital Solutions to restructure the company in preparation for the initial public offering (IPO) on the Egyptian Exchange (EGX) and global stock markets, according to a statement on Sunday.

Egypt s New Administrative Capital. Nawy.
Egypt s New Administrative Capital. Nawy.

 

The restructuring is an important strategic step to boost ACUD’s operational efficiency, said Chairman and Managing Director Khaled Abbas.

Abbas stated that the agreement with JOBMASTER will bolster his company’s status as a key player in the Egyptian real estate sector by boosting the company's operational efficiency.

Benefiting from JOBMASTER’s expertise in administrative consultancy and restructuring of companies and institutions through analyzing and evaluating the operational environment and supplying human resources solutions reflects ACUD’s belief in the improvement of the organizational and technology structures to increase workforce efficiency, Abbas added. 

ACUD is augmenting its efforts to accelerate the pace and improve the quality of the New Administrative Capital, Egypt’s 170,000-fedan megacity currently under construction 60 kilometres southeast of Cairo. The megacity is set to house 6.5 million people when completed.

On Saturday, ACUD forged a groundbreaking alliance with the global digital transformation company Atos to create a joint stock company to drive IT infrastructure and smart city services in the new capital. The agreement was signed on the sidelines of the 2023 UN Climate Change Conference (COP28).

Abbas revealed in September that ACUD was planning to offer up to 10 percent of its shares on the Egyptian Exchange in the first half of 2024.

The ACUD’s offering is one example of the Egyptian government's plan to offer stakes in 35 state-owned companies to strategic investors through 2024. 

Established in 2016, ACUD's total capitalization amounts to EGP 204 billion ($6.6 billion).

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