Egypt’s new capital in initial talks to hire advisor for H1/2024 IPO

Administrative Capital for Urban Development (ACUD), the owner and developer of Egypt’s new capital, is in talks with an advisor for a targeted second-quarter 2024 initial public offering, its chairman said on Wednesday.

Last month, ACUD chairman Khaled Abbas announced plans to float 5 to 10 percent of the shares of the company by the second quarter of 2024, its chairman said on Monday.

The sale on the stock exchange of shares in the ACUD, now owned 51 percent by the Egyptian military and 49 percent by the government’s New Urban Communities Authority (NUCA), was first mooted at least two years ago for 2023.

The new capital is designed as a high-tech “smart city” to accommodate 6.5 million residents and ease congestion in the greater Cairo. It will include a government district, a business district, vast parks, and a diplomatic district.