The Daily News Egypt
New Administrative Capital to offer 2,500 feddans to developers in May
Government studies offering company shares on EGX, says general manager
General Manager of the Administrative Capital for Urban Development (ACUD) Mohamed Abd El-Latief, said the company will offer plots of land to developers on an area of 2,500 feddans in May or June.
Abd El-Latief told Daily News Egypt that the number of developers who purchased lands at the capital reached 40, only three of which obtained the necessary ministerial approval.
Abd El-Latief revealed that the company has sold approximately 5,000 feddans of land.
He pointed out that the ACUD has received 33 requests from developers to manage waste collection in the New Administrative Capital and the selection process is under way.
He added that the New Administrative Capital project is witnessing the implementation of 60,000 housing units with the implementation rate exceeding 90%, and an overall target of 120,000 housing units. In addition, 250-300 kilometres of main roads have been completed, in addition to four tunnels and three bridges, with the total percentage of road project implementation standing at 70%.
He explained that the total number of contracting companies working on the project exceeds 400, providing job opportunities for 500,000 workers. They are currently working on a number of projects that are being implemented, including the governmental district,in addition to the city’s largest mosque, to be opened on Eid Al-Fitr.
“The value of infrastructure implementation for the first phase of the administrative capital, on an area of 40 acres, amounted to EGP 177bn,” Abd El-Latief said. “The next offering will not include offering lands under the partnership system, yet the company seeks to ensure this type of implementation of projects within its investment plan.”
He explained that there are negotiations with a developer seeking to acquire 14,000 feddans for development. Moreover, the company seeks to implement schools for technical and technological education.
Abd El-Latief revealed that the state is studying the transformation of the ACUD into a holding company that includes a number of companies operating and executing various works within the administrative capital, as well as considering offering a portion of the company’s shares in initial public offerings on the Egyptian Exchange (EGX).