Investors from Gulf Arab oil producers are seeking to set up projects in Egypt’s New Administrative Capital (NAC) which is taking shape near Cairo, the head of the managing company has said.

The Administrative Capital for Urban Development (ACUD), which is overseeing the new capital, nearly 35km east of Cairo, has received requests from Gulf investors for projects in partnership with ACUD.

“We have received three applications from Gulf investors to set up projects in the NAC in partnership with ACUD,” Egypt’s Addustour newspaper quoted Chairman Khalid Abbas as saying on Tuesday.

Abbas did not identify those investors but added that ACUD intends to more than double its capital to 57.7 billion Egyptian pounds ($1.86 billion) from EGP20 billion ($645 million) to drive business growth.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

Subscribe to our Projects' PULSE newsletter that brings you trustworthy news, updates and insights on project activities, developments, and partnerships across sectors in the Middle East and Africa.