Egypt to start construction of 2nd phase of administrative capital in 2025

The Chairman of the Administrative Capital for Urban Development (ACUD), Khaled Abbas, has disclosed plans to commence the construction of the second phase of the Administrative Capital by early next year, with an estimated cost of EGP 240 billion, as reported to Asharq Business.

During the first quarter (Q1) of this year, ACUD has forged five new partnerships valued between EGP 180 and EGP 200 billion. Additionally, the approval of 10 offers to purchase land plots, amounting to EGP 1.25 billion, highlights the organization’s robust activity in the real estate sector.

Abbas had previously announced ACUD’s intention to invest EGP 60 billion in 2024 to expedite construction and infrastructure development endeavors within the project.

In a significant move in February, ACUD appointed Dar Al-Handasah Engineering Consortium to undertake the design responsibilities for the second, third, and fourth phases of the New Administrative Capital, demonstrating a commitment to innovative and efficient urban planning.

Looking ahead, ACUD aims to generate a minimum of EGP 150 billion through an offering of a stake ranging between 5% and 10% on the Egyptian Exchange (EGX) in the second quarter (Q2) of 2024, indicating strategic financial planning and expansion strategies in the near future.

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