Operator of Egypt’s new capital plans 10% local market listing in H1 2024

The offering of ACUD comes in line with the Egyptian government's plan to offer stakes in 35 state-owned companies to strategic investors through 2024. 

Established in 2016, ACUD has a total capital of EGP 204 billion ($6.6 billion).

ACUD is expected to reach agreements with Gulf investors to develop projects in the new capital before the end of the year, Abbas added in an interview with Asharq Business.

He also revealed that his company received bids from investors to develop industrial projects in over one million square metres of land in the second phase of the new capital, which will include an industrial zone.

Among those investors are three major local industrial developers, Abbas said.

The chairman stated that ACUD is on its way to signing an agreement with an Emirati company to develop an industrial zone on 1,000 feddans.

Construction of the New Administrative Capital, which is located 35km southeast of Cairo with a total area of 170,000 feddans, began in 2015. The new city is set to house 6.5 million people when completed.