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Egyptian pound banknotes lie on a table on March 6, 2024 in Cairo, after Egypt's central bank announced it will allow the exchange rate to be set by the market. Egypt's central bank announced on March 6 it will allow the exchange rate to be set by the market, causing the pound to lose more than a third of its value within minutes. Shortly after 12:00 pm (1000 GMT), the Egyptian pound was trading at a record high of 49.15 pounds to the US dollar, after more than a year of a stabilised official exchange rate of around 30.9. (Photo by Khaled DESOUKI / AFP)
Egypt - The Administrative Capital for Urban Development’s (ACUD) profits before tax are expected to increase by up to 25% in 2024 from EGP 27 billion in 2023, Asharq Business reported, citing ACUD’s Chairman Khaled Abbas.
Abbas noted that the demand for the industrial areas offered in the first phase, spanning an area of 2,000 feddans, is significant, surpassing the supply.
He added that the company would launch the second phase of industrial areas by mid-2025.
After it is fully operational, the New Administrative Capital (NAC) will require EGP 5 to EGP 6 billion in maintenance costs annually, Abbas pointed out.
The ACUD has allocated EGP 8 to EGP 10 billion in investments for the NAC project’s second phase, he said.
He added that they are close to signing a deal with an Emirati firm for a 500-feddan industrial land in the NAC’s first phase.
ACUD will also appoint a financial advisor to re-evaluate the company’s assets, Abbas highlighted, noting that it will decide afterward whether to be listed on the Egyptian Exchange (EGX) or offer subsidiaries.
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