MEMPHIS REISEN

ACUD’s assets reach EGP 900bn: Chairperson – Dailynewsegypt

The Administrative Capital for Urban Development (ACUD) has witnessed remarkable growth, with its assets tripling to a staggering EGP 900bn. Khaled Abbas, the Chairperson and Managing Director, shared this significant milestone during the annual Iftar gathering.

Abbas explained that the assets surged from EGP 285bn to approximately EGP 700bn, and then further to EGP 900bn after re-evaluation following the recent liberalization of the exchange rate. Notably, these assets exclusively belong to the state and had remained at zero for seven years.

The company also demonstrated its commitment to fiscal responsibility by paying accumulated taxes totaling EGP 17bn over the same period. These tax contributions complement those made by other real estate developers.

Next Tuesday marks a historic event for the ACUD: the inauguration of President Abdel Fattah Al-Sisi for a new term. This occasion officially opens the New Administrative Capital (NAC), where the president’s office will soon be located. The NAC represents a dream realized—a state managed from its purpose-built capital within just seven years.

Abbas further revealed that cumulative profits are projected to reach approximately EGP 60bn in 2023, including an impressive EGP 26.5bn in 2024 alone. The ACUD’s strategic incentives for investment plots differentiate it from other regions.

The master plan for the industrial zone is complete, and investor requests have already been received. Notably, three industrial developers seek to allocate three million square meters in the targeted industrial area. Their focus? Manufacturing clean products that do not harm the environment.

Land applications for payment in US dollars receive priority, emphasizing the ACUD’s commitment to efficient processes. Additionally, preparations are underway for the ACUD company’s listing on the Egyptian Stock Exchange, although the final date remains to be determined.

The ACUD’s expansion extends to subsidiary ventures in education, technological infrastructure, and general infrastructure. Furthermore, an exciting collaboration with American company Live Nation Entertainment promises concerts and festivals within the New Capital.

Lastly, Abbas clarified that the ACUD has no plans to develop a new stadium akin to the recently opened Capital Stadium.

The New Capital, initiated in 2016, spans approximately 230,000 feddans. Its first phase covers around 40,000 feddans, strategically positioned about 60 km east of Cairo and 65 km west of Suez city.

In a separate context, the ACUD’s pavilion at the MIPIM 2024 exhibition facilitated a crucial meeting involving Khaled Abbas, Iraqi Minister of Construction Bangin Rekani, and Omani Minister of Housing Khalfan bin Saeed bin Mubarak al-Shueili. Discussions centered on infrastructure developments and opportunities for exporting Egyptian real estate to sister Arab countries, building upon Egypt’s successful track record in the real estate sector.