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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