Ongoing negotiations with major real estate and industrial developers for participation in the second phase and ACUD.
Engineer Khaled Abbas, Chairman and Managing Director of the Administrative Capital for Urban Development Company (ACUD), revealed that the company has begun actual steps to transfer its experience through cooperation to establish similar projects in two undisclosed foreign countries.
Abbas, in exclusive statements to “Al-Mal” during a breakfast event organized by ACUD two days ago, explained that the Administrative Capital is a “realized dream” and the government has already started working in it, making it a replicable model abroad.
Abbas had previously mentioned in press statements that several countries, including Zimbabwe, South Korea, Madagascar, and Ethiopia, are interested in benefiting from Egypt’s experience in the Administrative Capital.
He indicated that the company’s assets, according to the financial statements at the end of 2023, amount to around 300 billion pounds, but if reassessed in light of exchange rate unification decisions and the rise of the dollar, they may increase to 900 billion.
He stated that ACUD has paid approximately 17 billion pounds in taxes to the state over the past 7 years, in addition to the taxes borne by other developers. He clarified that these funds demonstrate the company’s contribution to supporting the state’s general budget and its operation in the private sector mindset.
He confirmed that ACUD relies on available liquidity in banks and the returns on its investments for its financial resources, in addition to collecting periodic land installments that have been sold previously, as well as operational fees for services and leasing government buildings to ministries.
Abbas stated that the company intends to invest around 60 billion pounds in the current year to complete facilities and develop the first phase, in addition to initiating the offering of the second phase, which covers an area close to 30,000 acres.
He also mentioned that ACUD has finished listing the unsold lands in the first phase, estimated at 1,000 acres, and they will be offered to investors in the near future, along with studying the construction of 4,000 units suitable for the purchasing power of citizens and professionals working in various projects in the capital.
He said that the company has recently received 3 requests from major industrial developers to obtain areas close to one million square meters to work under the general industrial developer system, and their requests will be considered in the near future.
He indicated that 5 companies from major real estate developers have made progress in purchasing lands in the second phase to establish various projects, either through partnership with the capital or land sale.
Abbas added that the Administrative Capital Company achieved profits exceeding 26 billion pounds during 2023, before deducting the tax percentage. As a result, the cumulative profits since its establishment reached approximately 55 billion pounds over 7 years. He pointed out that they aim to increase it by about 20% in 2024.
He emphasized the continuation of plans to list the Administrative Capital Company on the stock exchange in the coming years, after reconciling its internal conditions and issuing periodic financial statements, but the final date for the process has not been determined.
