Arab Finance: The Administrative Capital for Urban Development (ACUD) will embark on constructing the second phase of the New Administrative Capital (NAC) in early 2025 at a cost of EGP 240 billion, the firm’s Chairman Khaled Abbas told Asharq Business.

Abbas noted that the ACUD has sealed five new partnerships worth from EGP 180 to EGP 200 billion in the first quarter (Q1) of 2024, in addition to nodding to 10 land purchase offers valued at EGP 1.25 billion.

Abbas affirmed that the firm would raise its capital from EGP 44.5 billion to EGP 70 million via bonus shares distribution in April.

It is worth noting that the company aspires for garnering at least EGP 150 billion from offering 5% to 10% of its shares on the Egyptian Exchange (EGX) in Q2 2024, as announced previously by Abbas.

In December 2023, Abbas said that ACUD would invest EGP 60 billion in 2024 to accelerate the construction and infrastructure development works.

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