Egypt’s real estate sector represents 20% of GDP: ACUD

Egypt’s real estate sector represents 20% of GDP: ACUD

Chairperson of Administrative Capital for Urban Development (ACUD) Khaled Abbas stated in a conference on Saturday that Egypt’s real estate market represents more than 20% of the country’s GDP.

He also announced that the second and third phases of the New Administrative Capital (NAC) will be launched by the beginning of 2023 and that more than 50,000 employees will be transferred to the government district by the end of this year.

He added that it is scheduled to offer investment lands in the second phase of the NAC early next year, noting that utility work for the second phase will also begin at the same time, provided that investment lands are ready to be built by investors.

Abbas further noted that development on the first phase is currently ahead of schedule, indicating that some projects have been completed, including the third residential district and the Government District.

Additionally, he pointed out that ACUD is the largest real estate developer in Egypt with a real estate portfolio estimated at 230,000 feddans, adding that the NAC has provided millions of job opportunities in addition to opening up areas for many industries that serve the construction sector.

He also highlighted that there will be a large volume of