By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
    TikTok updates its community guidelines
    March 23, 2023
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
    March 23, 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
    March 23, 2023
    EFG Hermes records EGP 11bn revenue in FY22
    EFG Hermes records EGP 11bn revenue in FY22
    March 23, 2023
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    Egyptian Environment Minister discusses cooperation with WFP representative in Cairo 
    March 23, 2023
  • Politics
    PoliticsShow More
    Egypt's Health Minister discuss bilateral cooperation with an Italian delegation 
    Egypt’s Health Minister discuss bilateral cooperation with an Italian delegation 
    March 23, 2023
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    Egypt’s foreign minister phones Algerian counterpart over boosting ties
    March 22, 2023
    Turkish President  Recep Tayyip Erdoğan and Egypt President Abdel-Fattah Al-Sisi met in Doha
    Opinion| Türkiye and Egypt: For better times with many opportunities
    March 22, 2023
    Drought caused 43,000 deaths in Somalia in 2022: UN
    Drought caused 43,000 deaths in Somalia in 2022: UN 
    March 22, 2023
    Opinion| The Chinese dragon occupies America's place in the Middle East
    Opinion| The Chinese dragon occupies America’s place in the Middle East
    March 22, 2023
  • Interviews
    InterviewsShow More
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    Valeo has invested around €0.5bn in Egypt over the past 10 years: CEO
    December 27, 2022
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: ACUD offers new facilities to attract developers to NAC
Share
Notification
Latest News
Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
EFG Hermes records EGP 11bn revenue in FY22
EFG Hermes records EGP 11bn revenue in FY22
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Real Estate > ACUD offers new facilities to attract developers to NAC
Real Estate

ACUD offers new facilities to attract developers to NAC

Shaimaa Al-Aees
Last updated: 2020/11/04 at 2:05 PM
By Shaimaa Al-Aees 6 Min Read
Share
SHARE

The Administrative Capital for Urban Development (ACUD) has approved a set of new incentives to support developers who obtain land in the New Administrative Capital (NAC), according to ACUD Spokesperson Khaled El Hosseini.

El Hosseini told Daily News Egypt that the ACUD’s Board of Directors adopted the facilities to attract major developers to the major national project. These would ensure that there would be stable standards for dealing with developers, and providing them with further facilities.

One of the most significant facilities provided was to halt the payment of land instalments to the ACUD if the developers obtained lands without paved roads and main axes to reach them. This also covers lands that have many quarrying works, in addition to lands that have not connected with basic utilities such as water.

In this case, facilities must be installed, in which case the payment of instalments would resume, after receiving land connected with utilities to continue construction works in their projects, El Hosseini said.

He added that among other facilitations is the expansion of the period of project development for companies operating in the NAC. This takes into account that the period for implementation is calculated from the date of issuing ministerial approval for the project and not exceeding six months.

For example, if the ministerial approval is issued within three months, the implementation period will be calculated from this time. After six months, the ACUD will begin calculating the time period for the company to start the project, even if a ministerial approval has not been issued for it.

Moreover, the ACUD has approved that the main developer will be allowed to participate in a sub-developer, to complete the development of a project within the specified period. The company has adopted the approach of the New Urban Communities Authority (NUCA) in this regard, in accordance with its regulations and laws.

El Hosseini revealed that the Alliance World Wide Consortium (AWWC) has retracted its interest ​​in a partnership with the ACUD in developing the Diamond City project at the NAC.

This has occurred after the consortium conducted a feasibility study for the project, which found that the partnership had not achieved the required profitability under the partnership system. Accordingly, the AWWC offered to purchase the land from the ACUD, and to withdraw from the ​​partnership.

In the case of ending the partnership, the ACUD will hold a pricing committee to re-price the land, El Hosseini said, adding that the price of land in general in this area is estimated at EGP 5,000/sqm. He also said that the project is adjacent to the land belonging to the Celia project, owned by Talaat Mostafa Group (TMG) Holding. 

In July, the ACUD signed a Memorandum of Understanding (MoU) with the AWWC to develop the Diamond City project on an area of land spanning 600 feddan.

“The ACUD agreed initially to end the partnership with AWWC and re-price the land,” El Hosseini said, “The ACUD invites major real estate companies in the Egyptian market to participate in the development of the NAC during the coming period.”

He denied receiving any request from Emaar Misr to acquire or negotiate on lands inside the NAC, adding, “We welcome all developers to launch businesses and participate in developing this mega project.”

He expected that the prices of NAC-located projects would increase by no less than 20%, as the price of a commercial square metre reached EGP 125,000. The price of a fully finished residential square metre recorded EGP 14,000-EGP 18,000, especially after the transfer of government agencies to the city.

El Hosseini said that a total of 66 ministerial approvals have been issued for the NAC, with two further approvals currently being issued by NUCA. He noted that 2,400 building permits have been issued, and another 1,500 permits are being finalised.

He revealed that the total number of developers who have obtained lands in the NAC has now exceeded 320, involved in all residential, commercial and administrative activities.

El Hosseini said that there are negotiations between the ACUD and medical property developers in the NAC’s first phase, including companies from Saudi Arabia and the UAE, although there are as yet no final negotiations on these lands.

He also said that, unlike the NAC’s second and third phases, the development’s first phase, which spans an area of 40,000 feddan, is expected to have a medical city.

The NAC is situated in east Cairo and spans over 170,000 feddan. It is being developed over three phases, and is targeting to accommodate a population of 7 million.

You Might Also Like

TMG declares EGP 400m in dividends for 2022

Strong presence of Egypt’s real estate developers in MIPIM in Cannes

Raaed Developments launches ROOTS compound in New Sohag with EGP 1.8bn investment

Tatweer Misr signs MoU with Saudi Arabia to facilitate investment opportunities in Kingdom

DNE Awards honours Saudi Egyptian Developers for “Best diversified 50 landmark projects developed within 50 years”

TAGGED: ACUD, NAC
Share this Article
Facebook Twitter Email Print
Previous Article Ajna Developments records EGP 700m in sales during 9M 2020
Next Article Rescheduled Cityscape Egypt aims to boost real estate sales after COVID-19 fallout
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Popular video-sharing app TikTok was granted by the U.S. government a 15-day extension to reach a deal with U.S. buyers, a federal court filing showed Friday. This means the deadline for ByteDance, TikTok's Chinese parent company, to reach a deal with Oracle and Walmart has been extended from Nov. 12 to Nov. 27, according to the U.S. District Court for the District of Columbia.
TikTok updates its community guidelines
Business
Strong representation of women in TV series of Ramadan 2023
Strong representation of women in TV series of Ramadan 2023
Culture Cinema
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
IFC to invest in Mediterrania Capital Partners’ fund to support African mid-cap businesses
Business
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Sukari gold mine’s production reaches 5.2 million ounces with $7.5bn revenues in February 2023
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?