Chairman of Egypt’s new capital company developer resigns

MoneyEgypt NewsNews
By Yomna Yasser
new capital
Ahmed Zaki Abdin, chairman of the Administrative Capital for Urban Development which is managing the project of a new administrative capital. (Photo Credit: KHALED DESOUKI / Gettyimages)

Ahmed Zaki Abdeen, chairman of the Administrative Capital for Urban Development (ACUD), the developer of Egypt’s new capital city, announced on Monday his resignation due to health reasons.

ACUD’s board will appoint Deputy Housing Minister Khaled Abbas as his successor, Abdeen told Bloomberg Asharq. Abbas will take the helm at the military-owned company as it prepares to list its subsidiaries on the Egyptian stock exchange (EGX), and potentially follow through with a blockbuster IPO.

ACUD is the owner and developer of the Egyptian new capital.

Leave a comment