The Egyptian New Administrative Capital Company has allocated an amount of up to 10 billion pounds for infrastructure facilities for the second phase of the new capital that it is building east of Cairo, Chairman of the Board of Directors, Khaled Abbas, told Al-Sharq.
He stated that the memorandum of understanding concluded with Turkey, according to which the company allocated an area of ​​500 acres to the Turkish side, and work is underway to finalize the contracts to begin construction work. He noted that there are another 500 acres that have been allocated to an Emirati group, and contracts will be signed regarding them within a week.
Abbas revealed that the company appointed a financial consultant to evaluate the company’s assets after the change in their values ​​as a result of adjusting the exchange rate of the pound, indicating that after the re-evaluation the board of directors will decide whether the company, whether the original or a subsidiary, will be floated on the Egyptian stock market.
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