Egypt’s ACUD Promises to Offer New Green Building Incentives By End of 2023Source: www.export-egypt.com 12/18/2023, Location: Africa |
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Administrative Capital for Urban Development (ACUD), the operator of Egypt’s new mega capital, is set to offer new green building incentives by the end of 2023, Chairman Khaled Abbas stated during a press conference at the Egyptian Businessmen's Association (EBA).
These incentives include excluding mechanical floors from the "predetermined" built-up area (BUA), Abbas said. Concerning incentives and facilities, ACUD’s chairman said that the company rescheduled EGP 10 billion worth of installments for developers working on 150 projects. Abbas highlighted the success of ACUD, revealing that the company sold 18,000 feddans in the first phase of the new capital for EGP 250 billion with 5,000 feddans still in the pipeline for a future offering. For more revenue increase, Abbas announced that the company would increase rent by 5 percent in the government district. The company’s profits before taxes reached EGP 17.5 billion between January and September. These figures could hint at more profits for 2023 compared to EGP 19.8 billion in profit before tax for the whole of 2022, he added. 2023 was also a great year for ACUD, as the company’s assets increased to EGP 300 billion from EGP 255 billion in 2022, according to figures disclosed by Abbas. Moreover, the chairman noted that ACUD invested a total of EGP 55 billion in 2023, up from EGP 40 billion in 2022. Construction of the New Administrative Capital, located 35km southeast of Cairo with a total area of 170,000 feddans, began in 2015. The new city is set to house 6.5 million people when completed. |
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