{"id":324754,"date":"2022-03-01T06:54:23","date_gmt":"2022-03-01T06:54:23","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324754"},"modified":"2022-03-02T07:00:30","modified_gmt":"2022-03-02T07:00:30","slug":"egypt-is-expected-to-sell-stakes-in-its-new-capital-within-two-years-official","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/03\/01\/egypt-is-expected-to-sell-stakes-in-its-new-capital-within-two-years-official\/","title":{"rendered":"Egypt is expected to sell stakes in its new capital within two years \u2013 official"},"content":{"rendered":"<p>Egypt plans to sell stake in the state company behind its new capital city, Administrative Capital for Urban Development (ACUD), on the country\u2019s stock exchange within two years, the company\u2019s head said on Tuesday.<\/p>\n<p>It is expected to be the North African nation\u2019s biggest-ever initial public offering (IPO), he added<\/p>\n<p>ACUD is a joint venture between the military and the Egyptian Ministry of Housing created to oversee the multi-billion dollar project.<\/p>\n<p>The company is studying the IPO with a number of advisers, including CI Capital, said Ahmed Zaki Abdeen.<\/p>\n<p>\u201cWe are planning to launch some subsidiaries specialised in areas of electricity, water, gas, and buildings. This will be followed by selling some of their shares in the stock exchange,\u201d Abdeen added.<\/p>\n<p>\u201cThe company is very keen on the IPO plan so as to secure finances for developing the third and fourth stages of the new capital,\u201d<\/p>\n<p>In August last year, Egyptian President Abdel Fattah al-Sisi announced plans to list ACUD on the stock exchange within two years.<\/p>\n<p>\u201cWe are talking about raising some 100 billion Egyptian pounds ($6.3 billion). The Company\u2019s assets are estimated at between 3 and 4 trillion pounds,\u201d Sisi added during the opening of a number of residential projects.<\/p>\n<p>Egypt\u2019s new administrative capital is a three-phase project covering an area of \u200b\u200b700 square km east of Cairo. It aims to transform the desert into a modern urban hub of government buildings, embassies, and leading companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt plans to sell stake in the state company behind its new capital city, Administrative Capital for Urban Development (ACUD), on the country\u2019s stock exchange within two years, the company\u2019s head said on Tuesday.<\/p>\n","protected":false},"author":4,"featured_media":319909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[33,23],"tags":[86],"class_list":["post-324754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-main","category-money-markets","tag-new-administrative-capital"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Egypt is expected to sell stakes in its new capital within two years \u2013 official - egy-africa<\/title>\n<meta name=\"description\" content=\"Egypt plans to sell stake in the state company behind its new capital city, Administrative Capital for Urban Development (ACUD), on the country\u2019s stock exchange within two years, the company\u2019s head said on Tuesday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/egy-africa.com\/en\/2022\/03\/01\/egypt-is-expected-to-sell-stakes-in-its-new-capital-within-two-years-official\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt is expected to sell stakes in its new capital within two years \u2013 official - egy-africa\" \/>\n<meta property=\"og:description\" content=\"Egypt plans to sell stake in the state company behind its new capital city, Administrative Capital for Urban Development (ACUD), on the country\u2019s stock exchange within two years, the company\u2019s head said on Tuesday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/egy-africa.com\/en\/2022\/03\/01\/egypt-is-expected-to-sell-stakes-in-its-new-capital-within-two-years-official\/\" \/>\n<meta property=\"og:site_name\" content=\"egy-africa\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-01T06:54:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-02T07:00:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/egy-africa.com\/en\/wp-content\/uploads\/2020\/12\/190206101948048_hero-image-768x430-1.jpg?fit=768%2C430&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"768\" \/>\n\t<meta property=\"og:image:height\" content=\"430\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Aya Abdulghany\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aya Abdulghany\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/egy-africa.com\/en\/2022\/03\/01\/egypt-is-expected-to-sell-stakes-in-its-new-capital-within-two-years-official\/\",\"url\":\"https:\/\/egy-africa.com\/en\/2022\/03\/01\/egypt-is-expected-to-sell-stakes-in-its-new-capital-within-two-years-official\/\",\"name\":\"Egypt is expected to sell stakes in its new capital within two years \u2013 official - 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