Egypt's New Administrative Capital Company set to award planning for 2nd phase next month: Chairman

Ahram Online , Sunday 12 Nov 2023

Egypt’s Administrative Capital for Urban Development Company (ACUD) is poised to announce the winner of the bid for the planning of the second phase of the new capital within the next month, Chairman Khaled Abbas stated on Sunday.

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


Four international consultancies have submitted their bids, Abbas added on the sidelines of the Seventh Real Estate Debate 2023 which kicked off on Sunday under the auspices of Prime Minister Mostafa Madbouly. 

Abbas stated that his company will release two investment opportunities by the end of the year.

The ACUD chairman also said that the company achieved EGP 10 billion in profits during the first six months of 2023, expecting a 15-35 percent surge for the year. ACUD achieved pre-tax profits of EGP 19.8 billion in 2022.

The New Administrative Capital has generated various investment opportunities since the project started in 2015.

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

The offering of ACUD 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).

Egypt’s new capital, still unnamed, occupies a total area of 170,000 feddans 35km southeast of Cairo.

The megacity is set to house 6.5 million people when completed.

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