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ACUD to begin infrastructure work at New Capital’s phase 2 in September - Daily News Egypt

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ACUD to begin infrastructure work at New Capital’s phase 2 in September

NAC’s first phase sees great demand from both local, international investors

The Administrative Capital for Urban Development Company (ACUD) is preparing to begin infrastructure works of the New Administrative Capital’s (NAC) second phase in September, according to ACUD Chairperson Ahmed Zaki Abdeen.

Abdeen said that the ACUD intends to offer land, ranging between 1,000 to 2,000 feddan, to investors by the end of current year, as part of the huge national project’s second phase.

He added the land offerings under the NAC’s first phase saw great demand from both local and international investors working in a variety of sectors. With the second phase covering an area of over 47,000 feddan, the new phase’s land offerings are building on this previous success.

Abdeen revealed that the ACUD will consider requests submitted for land offered in the second phase early next year, provided that the requests require large plots of lands.

He further noted that the company is studying an offer of partnership submitted by a foreign company, to develop 1,000 feddans of land in the first phase. The proposal is looking to establish an integrated urban project that includes residential, service and entertainment activities.

The ACUD is set, this month, to finalise a contract with the Alliance Worldwide Consortium (AWWC) to develop the Diamond City project on an area of approximately 2.5m sqm.

Abdeen confirmed that no company working on the NAC project has made any changes to their project’s master plans or building requirements after obtaining the ministerial approvals for their project development plan.

He added, “It is not allowed, but should this happen, the land will be withdrawn from the company.”

Topics: ACUD New Capital

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