Khaled Abbas, Chairperson of Administrative Capital for Urban Development (ACUD), met on Wednesday with board members of the New Cairo and New Administrative Capital Developers Association.
The meeting discussed several proposals aimed at advancing the work of the real estate development companies that are members of the association in various districts of the New Administrative Capital (NAC).
During the meeting, Abbas emphasized ACUD’s commitment to overcoming all obstacles facing the New Capital’s developers.
He highlighted that the company has already offered multiple facilitations, the most notable being the extension of the implementation deadline and the rescheduling of payments for companies that request it. He also noted that ACUD assesses each case individually, considering the seriousness of the company before making a decision.
Mohamed Al-Bustani, Chairperson of the New Cairo and New Administrative Capital Developers Association, emphasized that the NAC has witnessed significant developmental progress over the past two years, along with great flexibility in addressing developers’ demands.
He elaborated that the strong and balanced performance during this period has significantly impacted the real estate market, leading to increased interest from development companies in seizing various opportunities within the capital.
For their part, members of the association’s board presented several key demands, most notably the need to promote the New Administrative Capital project globally and target new customer segments, in addition to attracting investors from various countries.
The board members also called for a review of parking garage fees within the designated projects, as well as the swift connection of electricity and completion of roads in several districts.
ACUD leaders assured them that these developments are nearing completion and will be finished by the end of the year. Additionally, they announced the availability of temporary construction electricity meters for companies that wish to obtain them.
The ACUD’s Chairperson affirmed that the company is taking a firm stance against those who delay the execution of their projects, and will take all necessary measures against them.
He highlighted that the NAC has now become a focal point of global attention, hosting international events, particularly in the field of sports, leaving no room for leniency. He also noted that all the demands presented by the Developers Association will be studied and addressed promptly. Furthermore, the company welcomes any proposals that serve investors in the NAC.
