Investors hope to get 200 feddans in Egypt’s new capital

Egypt’s Administrative Capital for Urban Development (ACUD) said it is studying 38 requests submitted by a bunch of investors to get land plots at the eighteenth residential district in the new capital.

The land plots’ spaces range between 50 feddans and 200 feddans maximum, said the state-run firm’s deputy chairman Mohamed Abdel Latif on Sunday.

“We had earlier allocated a number of land plots in the new capital in favour of 75 real estate investment companies,” Abdel Latif told Amwal Al Ghad.

Moreover, ACUD is looking to develop a major public hospital in the new capital on a space of 26,000 square metres, he said.

“The new capital’s first phase includes 85 schools and 3 universities till now,” Abdel Latif added.

Also, ACUD had allocated a number of land plots in the new capital to 29 banks in order to establish their headquarters, Abdel Latif said.

“We have so far issued 18 ministerial decrees for developers in the new capital,” he said.

ACUD is the owner and developer for the new capital project, which is located 45km (28 miles) east of Cairo of on a total area of 170,000 feddans.

The company’s shareholders; Egyptian government’s New Urban Communities Authority (NUCA), National Service Products Organization (NSPO), and Armed Forces National Lands Projects Agency.