The New Administrative Capital, a massive urban development project in Egypt, has marked a significant milestone, achieving 133 billion EGP in profits before taxes over the past 10 years. According to Khaled Abbas, Chairman of the New Administrative Capital's Board of Directors, the company has paid 37 billion EGP in taxes to the state during this period. This substantial profit underscores the project's success and its growing impact on Egypt's economy.
The New Administrative Capital's assets have reached approximately 310 billion EGP, with the paid-up capital increasing from 8.5 billion EGP at its inception to around 44.5 or 45 billion EGP currently. The company owns a vast area of land, spanning 230,000 feddans, with the first phase covering 40,000 feddans, equivalent to 170 million square meters. This large-scale project is transforming Egypt's urban landscape.
Khaled Abbas emphasized that the New Administrative Capital is not just a government district but a fully-fledged city. The company has completed 75% of the basic infrastructure and services, with about 25 million square meters of land still available for sale. This comprehensive approach aims to create a self-sustaining city with all necessary amenities and services.
The New Administrative Capital's development is a massive undertaking, with all services, including roads, landscaping, electricity, and utilities, managed entirely by the company. A notable example is the company's investment in a water treatment plant, valued at 40 billion EGP, which was fully financed by the company, not the state.
The company's financial performance is impressive, with its stock price rising from 100 EGP to over 400 EGP. Over the past decade, the company has distributed approximately 98 or 100 billion EGP to its shareholders. These figures demonstrate the project's financial viability and its potential for long-term growth.
The New Administrative Capital is a flagship project that showcases Egypt's ambitions for urban development and economic growth. With its comprehensive infrastructure and services, the city is poised to become a major hub, attracting investment and talent. The project's success will have a lasting impact on Egypt's economy and urban planning.
As the New Administrative Capital continues to evolve, it is expected to play a significant role in Egypt's future development. The project's achievements over the past decade serve as a testament to the country's ability to undertake large-scale infrastructure projects. With its strong financial performance and comprehensive approach, the New Administrative Capital is set to remain a key driver of Egypt's economic growth.
Key points
- The New Administrative Capital has achieved 133 billion EGP in profits and 310 billion EGP in assets over the past decade.
- The company's paid-up capital has increased from 8.5 billion EGP to around 44.5 or 45 billion EGP.
- The project covers a vast area of 230,000 feddans, with 40,000 feddans in the first phase.
