{"id":606615,"date":"2023-09-19T00:00:00","date_gmt":"2023-09-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/19\/new-capital-developer-could-go-public-on-the-egx-next-year\/"},"modified":"2023-09-19T00:00:00","modified_gmt":"2023-09-19T00:00:00","slug":"new-capital-developer-could-go-public-on-the-egx-next-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/19\/new-capital-developer-could-go-public-on-the-egx-next-year\/","title":{"rendered":"New capital developer could go public on the EGX next year"},"content":{"rendered":"

That ACUD IPO is still alive: <\/strong>The company in charge of developing the new administrative capital could move forward with an IPO on the EGX during the first half of 2024, according to Asharq Business<\/a>. Administrative Capital for Urban Development (ACUD), a joint venture between the military and the Housing Ministry, is considering offering 5-10% of its shares to investors, the news outlet reported yesterday, citing an interview with the chairman of the company, Khaled Abbas<\/a>. <\/p>\n

This has been a while coming: <\/strong> The prospect of the company going public was first raised by President Abdel Fattah El Sisi back in August<\/a> 2021<\/a> when he floated the idea of a share sale by 2023. The following year CI Capital was hired to advise<\/a> on the offering.<\/p>\n

Setting expectations high: <\/strong> The company emphasized the potential size of the share sale following the president\u2019s initial announcement, with then-company chairman Ahmed Zaki Abdeen telling Bloomberg<\/a> that ACUD could become the largest IPO in Egypt\u2019s history. <\/p>\n

It\u2019s unclear what kind of valuation the company could fetch<\/strong>, with the details of its balance sheet and assets remaining secret. El Sisi said back in 2021 that ACUD had EGP 3-4 tn of assets under management as well as liquid assets worth EGP 100 bn. <\/p>\n

And it\u2019s not certain what would be offered: <\/strong> Though the president said initially that ACUD itself would be listed on the exchange, comments made by Abdeen<\/a> to the press the following year suggested that it may instead look to sell shares in several of its subsidiaries.<\/p>\n

Refresher: <\/strong>Since being established in 2016, ACUD has been in charge of selling the 700 square-km new capital land bank to developers and government bodies, awarding construction and services contracts, and supervising the development of the city. The military owns 51% of ACUD and the Housing Ministry holds the remaining 49%.<\/p>\n

ALSO- Gulf developers could work on projects in the new capital: <\/strong>ACUD will this year announce agreements with Gulf investors who will work on developing projects in the second and third phases of the new capital, Abbas told the news outlet. The company received several offers from industrial developers to build projects on the 1 mn square-meter industrial zone, and is in the process of inking an agreement with an unnamed Emirati company to develop a 1000-feddan industrial zone, he said. <\/p>\n

Gulf real estate developers and contractors have by and large yet to get involved with the <\/strong> new capital<\/strong>, with few big names working on construction or committing to real estate developments since the project started in 2015. UAE-based contractor ASGC was contracted to construct residential blocks and infrastructure works in several areas of the city, while Sky, a subsidiary of Emirati developer Diamond Group, began work on a project<\/a> in the new capital in 2021.<\/p>\n

Local developers also want to pitch in: <\/strong>Three major local companies that work in industrial development have submitted offers to develop projects in the industrial zone, he added. <\/p>\n","protected":false},"excerpt":{"rendered":"

ACUD could sell up to 10% of its shares to investors, according to the company\u2019s chairman<\/p>\n","protected":false},"author":1,"featured_media":606616,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7224],"tags":[7127,68,72,1719,78,9442,7307,875,81],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-606615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-acud","tag-egx","tag-enterpriseam","tag-housing-ministry","tag-ipo-watch","tag-khaled-abbas","tag-military","tag-new-administrative-capital","tag-privatization-watch","wpautop","entry"],"acf":{"mongo_id":"10bc58be-e08b-431f-a5ae-7ca94458a0a0","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/1179.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The developer of Egypt\u2019s new capital could go public in 2024","related_issue":[606610],"teaser":"ACUD could sell up to 10% of its shares to investors, according to the company\u2019s chairman","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/9\/.95824b03-df29-4a4c-b172-28cec385a448.mp3"},"yoast_head":"\nNew capital developer could go public on the EGX next year - 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The board will appoint Deputy Housing Minister Khaled Abbas as his replacement, he said. The military-owned company is the owner and developer\u2026","rel":"","context":"In "Moves"","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610676,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/26\/acud-could-raise-more-than-egp-150-bn-from-its-planned-egx-ipo\/","url_meta":{"origin":606615,"position":1},"title":"ACUD could raise more than EGP 150 bn from its planned EGX IPO","author":"enterpriseam admin","date":"26 November 2023","format":false,"excerpt":"The ACUD is also mulling a dual listing","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1350.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612043,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/17\/new-capital-to-break-ground-on-second-phase-by-3q-2024-at-the-latest\/","url_meta":{"origin":606615,"position":2},"title":"New Capital to break ground on second phase by 3Q 2024 at the latest","author":"enterpriseam admin","date":"17 December 2023","format":false,"excerpt":"ACUD plans to IPO in 2Q 2024","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1051.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544411,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/ci-capital-lands-mandate-to-ipo-parts-of-the-new-capital\/","url_meta":{"origin":606615,"position":3},"title":"CI Capital lands mandate to IPO (parts of) the new capital","author":"enterpriseam admin","date":"2 March 2022","format":false,"excerpt":"WATCH THIS SPACE- New capital company taps CI Capital to advise on planned IPO of subsidiaries: State-owned Administrative Capital for Urban Development (ACUD) is moving forward with plans to list its subsidiaries on the EGX and has hired CI Capital as its advisor, chairman Ahmed Zaki Abdeen was quoted by\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/17.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582169,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/02\/e-finance-wants-a-new-strategic-investor-plus-news-from-mnhd-ksas-bahri-and-acud\/","url_meta":{"origin":606615,"position":4},"title":"e-Finance wants a new strategic investor. Plus news from MNHD, KSA\u2019s Bahri, and ACUD","author":"enterpriseam admin","date":"2 March 2023","format":false,"excerpt":"M&A- Is e-Finance looking to bring in a strategic investor? e-Finance is in advanced talks with a local strategic investor looking to buy into an EGP 2.5 bn capital increase for one of the state-owned e-payments firm\u2019s subsidiaries, Al Borsa quotes e-Finance Chairman and CEO Ibrahim Sarhan as saying at\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/2\/E-Finance-Building-1600-px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558499,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/15\/swvl-new-capital-company-eye-debuts-on-egx\/","url_meta":{"origin":606615,"position":5},"title":"Swvl, New Capital company eye debuts on EGX","author":"enterpriseam admin","date":"15 August 2021","format":false,"excerpt":"Swvl could debut on EGX in 2022-2023: Mass transportation startup Swvl is considering an initial public offering on the Egyptian Exchange in 2022-2023 following its planned debut on the Nasdaq in 4Q2021, CFO Youssef Salem told Reuters, without providing further details.News of the company\u2019s Nasdaq ambitions broke last month when\u2026","rel":"","context":"In "IPO"","block_context":{"text":"IPO","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/ipo-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/156.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606615","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=606615"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/606615\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/606610"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/606616"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=606615"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=606615"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=606615"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=606615"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=606615"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}