Phase two of the New Administrative Capital is on the horizon: The Administrative Capital for Urban Development (ACUD) will start building the second phase of the new administrative capital (NAC) in 2Q 2024 or 3Q at the latest, ACUD Chairman Khaled Abbas told CNN Business Arabic. Rising costs mean the second phase of the project could cost more than the c. EGP 300 bn spent on phase one, Abbas added.

Consultant TBA within two weeks: The company is in the process of choosing one of the urban consultants that it has shortlisted for the second phase and will announce its decision before year end, Abbas added.

ACUD’s plans for an IPO are still full-steam ahead: The company will appoint advisors in 1Q 2024 to advise on its anticipated IPO on the EGX in 2Q 2024, Abbas said. The company is yet to determine whether to list its own shares or those of its subsidiaries, he added. The company earlier this month tapped Jobmaster to help it restructure its HR systems, policies and procedures, and organizational chart ahead of the IPO.

ICYMI: The company could raise more than EGP 150 bn via a public share sale on the EGX. The company, a joint venture between the military and the Housing Ministry, could offer 5-10% of its shares on the bourse.

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