This profit marks a 30 percent rise compared to 2023 at EGP6 billion.

Abbas stated that ACUD, the owner and developer of the New Administrative Capital (NAC), paid EGP6.11 billion in taxes while achieving a total revenue of EGP65 billion.

He said that the value of assets rose by 10 percent to reach EGP279 billion up from EGP255 billion in the previous fiscal year.

On another note, Abbas announced in May that the company will name an international Initial Public Offering (IPO) advisor in the third quarter of 2024.

He stated that a fourth phase will be added to the ongoing development plan in January as the ACUD is planning for the second, third, and fourth phases.

The chairman noted that once the general plan is finished, the ACUD will initiate the construction work immediately, which is expected to end by the second half of 2024.