New Capital Second Phase Breaking Ground in 2024

The new year is already looking bright with the news of the second phase of New Administrative Capital commencing soon. The Administrative Capital for Urban Development (ACUD) recently caused a stir in the market with several updates regarding the new city.

From IPO to new investment opportunities, 2024 is surely looking rewarding.

New Capital Second Phase

Established as a sustainable smart city that would diminish the burden on Cairo, provide a better quality of life for its residents, and offer an abundance of investment opportunities, New Administrative Capital has kept the whole region, nay world, on its toes.

The second phase of the city is expected to break ground by the 2nd or 3rd quarter of 2024. 

Commenting on that, ACUD’s Chairman – Khaled Abbas – said four international consultancies have submitted their bids for the planning of the second phase of the New Capital. The company is expected to announce the winning consultancy firm shortly.

He went on to add that construction may cost more than the 300 billion due to the surge in prices.

Already the New Capital has created various national and international investment opportunities and the development of the second phase may serve as a strong catalyst for new investments and economic growth.

Learn about the city in A Complete Guide To Egypt New Capital

ACUD IPO

In other news, ACUD is preparing to enter the Egyptian Exchange (EGX) by the 2nd quarter of the year.

On that note, Khaled Abbass said that the IPO (initial public offering) on the stock exchange will not be less than 5% of the company’s shares, with a minimum value of 150 billion Egyptian pounds.

Bear in mind that the company reported 24 billion Egyptian pounds in profits during the first three quarters of 2023 (19 billion after taxes). This can be a bullish indicator of ACUD’s future in the stock market.