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

- By Shaimaa Al-Aees

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).

 ??  ?? Mohamed Abd El-Latief during a session of Egypt Builders Forum (right)
Mohamed Abd El-Latief during a session of Egypt Builders Forum (right)

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