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FinancialNews
16-08-21
Developer of Egypt’s new capital city to be listed on country’s stock exchange
(MENAFN)According to President Abdel Fattah El-Sisi, the Administrative Capital for Urban Development (ACUD), the developer of Egypt’s new capital city, is to be listed on the country’s stock exchange in the coming two years.
El-Sisi further stated in the launching of several development projects in Badr City that the offering is going to be led through a fund affiliated with ACUD that is estimated to have around EGP100 billion (USD6.4 billion) in liquid assets.
This is a new concept that is going to be applied to other major national projects of the country as well, stated the Egyptian president.
The new capital east of Cairo represents a three-phase project that envisages transforming a 700 square-kilometer swath of desert — roughly equal to the size of Singapore — into a modern hub for government buildings, foreign embassies, major companies and featuring Africa’s tallest tower.
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