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

PHOTO

The Administrative Capital for Urban Development (ACUD) will start the construction of the second phase of the Administrative Capital by early next year at a cost of EGP 240 billion, ACUD’s Chairman Khaled Abbas told Asharq Business.

ACUD has secured five new partnerships during the first quarter (Q1) of this year, worth between EGP 180 and EGP 200 billion, and it also approved 10 offers to buy plots of land worth EGP 1.25 billion..

Abbas revealed before that ACUD is set to invest EGP 60 billion in 2024 to accelerate the construction and infrastructure development works.

In February, ACUD selected Dar Al-Handasah Engineering Consortium to design the second, third, and fourth phases of the New Administrative Capital.

ACUD aims to raise at least EGP 150 billion by offering a stake ranging between 5% and 10% on the Egyptian Exchange (EGX) during the second quarter (Q2) of 2024.