The Administrative Capital for Urban Development Company (ACUD) and the Embassy of the Sultanate of Oman in Cairo signed a contract to sell a plot of land of about 4 feddan to build the new headquarters of the Omani Embassy in Cairo at the New Administrative Capital (NAC).
Abdullah bin Nasser bin Musalam Al Rahbi, the Omani Ambassador to Egypt, praised Egypt for constructing and building the NAC and the quality of life it offers for the Egyptian citizens. He said that the project represents a qualitative leap for Egypt and helps to ease congestion and reduce the burden on Cairo.
Khaled Abbas, the Chairperson and Managing Director of ACUD, expressed his happiness for having the embassy in the Diplomacy District.
He also said: “We will soon sign contracts with all the embassies of the Gulf Cooperation Council to prepare for their move to the NAC, where life has already started with the completion of all the necessary services.”
The general plan for the first phase of the NAC includes the Diplomacy District, which will host all the embassies and foreign diplomatic missions in Cairo. Abbas said that it is planned to relocate all the diplomatic missions from their residences in various neighbourhoods of Cairo to the NAC.
The signing of the contract with the Omani Embassy today is a continuation of many contracts signed with other embassies and diplomatic missions, Abbas added.
The ACUD was established in April 2016 and works in the field of urban development, aiming to develop, manage, and operate the NAC project as one of the most important national and strategic projects for Egypt. It is a company subject to Investment Law No. 8/1997 with a paid-up capital of EGP 44.6bn. In 2022, the company achieved total pre-tax profits of EGP 19.8bn, and the value of its assets rose to EGP 255bn.
The construction of the new capital began at the end of 2016. Its total area is about 230,000 feddan. It is about 60 km away from Cairo in the east, and about 65 km away from Suez in the west.
The NAC is expected to accommodate up to 8.5 million people when all the construction phases are completed and to contribute to alleviating congestion in Cairo and facing rapid population growth. The NAC project is also an added value to the Egyptian economy, as it opens wide doors for investors, development companies, and others in light of the variety and diversity of investment opportunities offered by the city.
In 2023, the headquarters of the Presidency, the cabinet, ministries, agencies, and government institutions were moved. The ACUD is also working on completing the integrated construction work for services for embassies and consulates, as well as the buildings of some embassies as ready models for moving and housing in the Diplomatic District, which is one of the largest projects that the company is investing in the first phase of the NAC.
