Egypt sells 7,500 feddans in new capital for EGP 300bn

The proceeds from the sale of 17,500 feddan in the first phase of the New Administrative Capital project amounted to EGP 300bn ($18 billion), according to Mohamed Abdel Latif, general manager of the Administrative Capital for Urban Development company.

On the sidelines of the signing agreement’s press conference with Orange Egypt, which finalised the establishment and operation of the Administrative Capital data centre on Monday,  Abdel Latif noted that the company is still receiving requests from foreign and local companies to obtain the rest of the lands in the first phase of the project, which amounts to 6,500 feddan, and the company is studying serious offers from them.

“The value of implementing the infrastructure for the first phase of the administrative capital project on an area of 40,000 feddan amounted to177 billion Egyptian pounds, which is depending on self-financing and away from the state budget.

”We rely on the investment offerings on of the lands or direct orders from developers to provide continuous financial liquidity through which the dues of the contracting companies operating in the project are paid,” Abdel Latif elaborated.