The Administrative Capital for Urban Development (ACUD) is considering establishing 5,000 residential units across several areas in the New Administrative Capital (NAC), the firm’s Chairman Khaled Abbas said.

The Administrative Capital for Urban Development (ACUD) will start the construction of the second phase of the Administrative Capital by early next year at a cost of EGP 240 billion, ACUD’s Chairman Khaled Abbas told Asharq Business.

The first three administrative towers within the Central Business District (CBD) of the New Administrative Capital have been delivered in ceremony on January 14th.

Administrative Capital for Urban Development (ACUD) is in the early stages of appointing an international financial advisor to offer part of its stake for sale on the Egyptian Exchange (EGX).

African Export-Import Bank (Afreximbank) has penned a contract with the Administrative Capital for Urban Development (ACUD) to establish its headquarters in the New Administrative Capital.