The Administrative Capital for Urban Development Company has formed a committee headed by the head of the financial sector, to inventory and evaluate the company's assets in the context of preparing for the company's public offering file on the Egyptian Stock Exchange, and discussions are also underway. About the investment banks and advisors who will take over the offering process, to be selected in the last quarter of this year or early next year, Major General Ahmed Zaki Abdeen, the company’s president, told Habi newspaper.
Sources told the newspaper that the past days witnessed the identification of land areas in the second and third phases, estimated at 127 thousand acres, and the real estate sector in the company provided all the data on the remaining areas of the plots. The first phase, which amounts to about 6 thousand acres, and is expected to be included in the assets of the offering, and added that the Capital Company has sold and exploited about 41,000 acres since the project was launched in 2018, in the residential neighborhoods, the government neighborhood, the financial and business district, and the Downtown area.
The sources added that the company is currently considering postponing the upcoming proposals until agreement on the conditions that will be dealt with, which are in line with presidential directives not to sell or offer projects until 30% is built. of them, and also to decide whether to include them within the offering assets, or whether the assets will include the second and third phases only, according to their needs.
