The second phase of the Administrative Capital, estimated at EGP 240 billion, will commence construction early next year, according to Khaled Abbas, Chairman of the Administrative Capital for Urban Development (ACUD), as reported by Asharq Business.
During the first quarter (Q1) of this year, ACUD has finalized five new partnerships valued at approximately EGP 180 to EGP 200 billion. Additionally, it has greenlit 10 land acquisition offers worth EGP 1.25 billion.
Abbas previously announced ACUD's plan to invest EGP 60 billion in 2024 to expedite construction and infrastructure development activities.
In February, Dar Al-Handasah Engineering Consortium was chosen by ACUD to design the second, third, and fourth phases of the New Administrative Capital.
To support its funding goals, ACUD intends to raise a minimum of EGP 150 billion by offering a stake ranging from 5% to 10% on the Egyptian Exchange (EGX) in the second quarter (Q2) of 2024.
