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Egypt is Planning to Float 5% to 10% of the Shares of the Company Building its Vast New Capital 

The sale on the stock exchange of shares in the Administrative Capital for Urban Development (ACUD), now owned 51% by the Egyptian military and 49% by the government’s New Urban Communities Authority, was first mooted at least two years ago for 2023. Khaled Abbas, chair of the ACUD gave no estimate for the value of the share offering. His predecessor, Ahmed Zaki Abdeen, had estimated in 2019 that the project needed financing of about $58bn. “The stock exchange has certain requirements as a company, concerning the financial statements, the structure of the board of directors, all the procedures, so that the company might list. We have one of the biggest accountants going over the company’s budget,” Abbas told Asharq. The capital’s first phase, covering about 168km2, contains ministries, residential suburbs, a diplomatic quarter and a financial district, as well as a large mosque and a cathedral.