Egypt: ACUD to offer 5-feddanland plots in New Capital’s first phase by September

Egypt’s Administrative Capital for Urban Development (ACUD) has said that it intends to offer about 5,000 feddan in the first phase of New Administrative Capital (NAC) by September after it halted land offering until the government moved to the New Capital, according to Chairperson and Managing Director Khaled Abbas.

Abbas said that the decision came to meet the great demand from investors after the government moved to the NAC, pointing out that most investors asked for mixed-use land plots to establish universities, schools, and commercial and administrative facilities.

He added that 90% of these plots are allocated for service facilities. The NAC has now seven universities, six of which are operational, in addition to 30 schools, of which 12 are ready.

Facilities were provided to investors in light of challenges currently facing the market, as projects construction period was extended, and there are arrears in payment for some companies, consequently installment period was completed and the arrears were rescheduled, he noted. These measures are taken after a strong study of the local market and continuous communication with developers.