Egypt: ACUD plans to construct NAC’s 2nd phase in Q3 2024 at latest: Chairman

Egypt: ACUD plans to construct NAC’s 2nd phase in Q3 2024 at latest: Chairman

Arab Finance: The Administrative Capital for Urban Development (ACUD) is planning to start building the second phase of the New Administrative Capital (NAC) within the second quarter (Q2), or the third one at the latest, of 2024, ACUD’s Chairman Khaled Abbas told CNN Business Arabic.

The second phase will cost at least EGP 300 billion in investments, which could be upped depending on the circumstances, Abbas said.

The company will decide upon the project’s consultant before the end of the current year, he added.

Abbas pointed out that the government is seeking to list the company on the Egyptian Exchange (EGX) within Q2 2024, saying that the firm would appoint a financial advisor for the listing in Q1 2024.

It is worth noting that the company will offer over 5% of its shares on the EGX for at least EGP 150 billion, Abbas revealed.

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